Swiss investors lose around CHF 45 million in Malta-based football betting algorithm scheme
By The Weekly Edge desk ·
Summary
Swiss wealthy investors, including several dozen family offices and private individuals, lost around CHF 45 million paid in between 2021 and 2023 into a Malta-based football betting vehicle, Eleven Peaks, which used an algorithm called "Cube". A criminal complaint alleging document forgery, commercial fraud and disloyal management has been filed in Thurgau against Heinz Haunschild, Giancarlo Tottoli, a former banker and related firms, all of whom deny wrongdoing. Prosecutors have only confirmed receipt of the complaint, and it is undecided whether proceedings will open.
Why it matters
The complaint alleges fraud in a betting investment vehicle, but prosecutors have not decided whether to open proceedings and those accused deny wrongdoing.