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Established 1996
Friday 24 May 2019


Pension fraud businessman goes on the run

Written by Natalie Tuck

A fraudulent Swedish businessman, involved with Maltese-owned pension fund, Falcon Funds, which was only available to private pension savers in Sweden, has gone on the run from London.

According to Malta Today, an Interpol notice has been issued for 41-year-old Emil Ingmanson after he absconded from his residence in Britain, where he was fitted with an electronic ankle tag and had a 10pm-7am curfew. Ingmanson went missing on 5 November, the day a London court ruled that he should be extradited to Sweden to face charges.

Ingmanson served as an introducer for Falcon Funds to the Swedish pensions authority. Falcon Funds has said that its investment manager, Temple Asset Management, invested more than €10m in savers' cash in investment products owned by Ingmanson. It has since sued Ingmanson for damages after Sweden launched a criminal investigation into the pension provider.

According to a KPMG analysis presented to the Maltese courts, the money was invested in complex investments that hid the illiquid assets beneath layers of other liquid investments.

KPMG was appointed by Malta’s financial regulator to take control of the pension fund after it was reviewed by the Swedish Economic Crime Authority over allegations that the fund had defrauded 22,000 pension investors and failed to pay a total of €247m (2.4bn Swedish Kroner) in savings.

Ingmanson left Malta soon after the Falcon Funds bust, which left its Maltese directors to carry the can, among them former Finance Minister Tonio Fenech, Malta Today reported. He was later found in London, and arrested at Heathrow airport, and spent nine months in the UK until he fled. It is not known whether he has since left the UK.

The scandal led to calls for an overhaul of the Sweden’s pension system by the Swedish National Pension Agency.

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