Maltese Cross Financial Services under investigation over lost investments

The Malta Financial Services Authority is carrying out intensive investigations over the possible misuse and manipulation of assets by Maltese Cross Financial Services.

Last week, the MFSA issued a directive ordering Jean Claude Bugeja, of Maltese Cross Financial Services, to resign and desist from providing any financial services.

Today, the regulator issued an update on its investigation into the affairs of Maltese Cross Financial Services, which is currently on-going.

The MFSA established that the company “has a material shortfall in clients’ assets, which shortfall appears to have arisen from the possible misuse and manipulation of such assets. As a consequence, certain investments which belonged to clients, but which were held by the Company, may have been lost.”

The regulator added that it is coordinating its efforts with the Police who have been informed of the MFSA’s findings.

While pointing out that it has and will continue taking all necessary action with the primary objective of safeguarding and protecting the interests of the Maltese Cross Financial Services’ clients, MFSA said the intensive investigations will take some time before they can be brought to a conclusion.

MFSA also reminded investors that made use of the services of the company that the Investor Compensation Scheme recently published a call for the submission of investor claims and recommended that investors seek legal advice in order to identify any other legal action that may better safeguard their rights at law.