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Tudor Fedeles and David Mapley fired as board members of LFP1

With a 96% versus 4% vote the shareholders of LFP1 yesterday dismissed the current board of directors, headed by David Mapley. Mapley got suspended by the Luxemburg regulator CSSF earlier this year for lying about his credentials when applying for his directorship at LFP1.

In a stormy EGM, shareholders cast their mistrust by dismissing David Mapley, Tudor Fedeles and Jacques Bossuyt as board members by an overwhelming majority.

The shareholders will nominate a new board shortly at a yet to be convened EGM. Furthermore, they filed a 40 million euro claim for damages against the former management.

Two years ago David Mapley who falsely claimed to be a fraud investigator at “Intel Suisse” took over the management of the fund after allegedly having discovered fraud. Later on, it turned out that Mapley had a fraudulent record himself and that his investigation firm “Intel Suisse” simply does not exist. It was further discovered how Mapley abused his mandate at LFP1 to extort one of the shareholders of the fund for over 2 million euros.

Events accelerated after Luxemburg commercial court, appointed last month a court administrator to convene an EGM at the request of shareholders to seek replacement of the board.

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41.5 Mio euro Claim

More than 65% of the shareholders of LFP1-EPF filed a claim against the current directors David Mapley and Tudor Fedeles of LFP1 due to mismanagement, fraud and abuse of trust.

Please read the claim here, from which the content is really shocking. The modus operandi from the directors is unseen in the Luxembourg Fund industry.

Meanwhile, the CSSF suspended David Mapley on the 25th of May 2020 due to false declarations in his application process. We hear from insiders it is only a matter of time before Tudor Fedeles will be suspended as well. An investigation is actively running on his active involvement in the extortion practices and mismanagement of the Fund with the aim to personally enrich himself.

Tudor Fedeles and his mentor David Mapley have not only failed in keeping the fund listed as a CSSF approved fund by meeting up with the standard service provider requirements. (all the service providers resigned because of their unprofessional behaviour) They have also intentionally mismanagement the fund tremendously. 

Even basic rights of the shareholders are neglected as the directors refuse to convene general shareholder meetings on the request of the shareholders whilst extorting counterparties and shareholders of the fund in order to get money in their pocket.

Please watch below the shocking documentary showing Tudor Fedeles intentions and attitude towards the shareholders. 

Tudor Fedeles describes the shareholders as “Poor fuckers” while he is supposed to protect the investor’s interest as a director. He also states that he will “not do shit on the fund” and “Fuck everybody” referring to the 23 Mio euro cash that is still on the bank account.

Recently Tudor Fedeles and David Mapley made an attempt to wire the remaining cash from LFP1-EPF to a personally owned (new to be set up) investment vehicle “Shimoda High Yield Bond”. Luckily enough the CSSF has blocked them from doing so. More on this topic in our next article.

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