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MGOM.US
id: 1327

Migom Global (MGOM) Fraud Charges Case

The plaintiff has voluntarily dismissed the case, ending the lawsuit.
S.D. New York
Court
1:24-cv-06600
Case number
12/06/2019
Class period Start
08/25/2022
Class period End
10/29/2024
Lead Plaintiff motion deadline

  • $MGOM stockholders filed a claim against Migom Global, saying the CEO faked financial statements and diverted funds, leading to criminal charges.

  • After the news, $MGOM dropped by over 90% by early 2023.

  • Migom Global investors can join this case to be notified about potential recovery.

Case Details:

Migom’s CEO, Thomas Schaetti, is accused of providing fake financial statements. He secretly funneled millions from customer deposits into his own companies.

As a result, the Commonwealth of Dominica has initiated criminal proceedings against Schaetti and shut down the bank.

This led the SEC to suspend trading of Migom’s securities, causing investors to lose $750 million.

As a result, $MGOM, once valued at $100 in 2021, dropped to $10 by early 2023.

Considering all the representations, investors suspect Migom’s CEO faked financial statements and diverted funds, leading to criminal charges, the bank's closure, and $750M in losses.

Case Status
Voluntary Dismissed
Alleged Offence
Mismanagement, 
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/30/2024
Filing date
08/30/2024
Lead Plaintiff Deadline
10/29/2024