Swedish Pensions Agency secures additional SEK 368m for Falcon Funds victims

The Swedish Pensions Agency has secured an additional SEK 368m for affected savers hit by the Falcon Funds scandal.

The repayment, which savers have already received, is the result of the Swedish Pensions Agency’s latest success in its work to recover the money that savers lost due to the Falcon Funds fraud.

SEK 337m was recovered as part of the irregularities connected with Falcon Funds, and an additional SEK 31m was secured from securities sales in connections with the liquidation of Falcon Funds. All securities in the funds have now been sold and what remains is only small cash amounts.

Commenting, Swedish Pensions Agency legal department unit manager, Anna Åkesson, said: “It feels great to be able to give savers and pensioners who were affected by the Falcon Funds fraud their money back. The money paid out now accounts for just over a third of the estimated damage of SEK 1bn that around 27,000 savers lost as a result of the Falcon Funds’ managers fraud.

“We at the Swedish Pensions Agency continue our persistent search for pension money that has been embezzled. We hope and believe that more money can be recovered.”

From today, the recovered money is being reinvested in affected saver’s premium pension accounts, which they will be able to see by logging into their online account. In addition, all savers that receive a minimum of SEK 50 will also receive a letter informing them of their payment.

The agency will allocate repayments in proportion to how much each saver and pensioner lost due to the fraud of Falcon Funds. For example, it intends to take into account the times at which savers owned fund shares and how large the holdings were.

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