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Falcon Funds

Falcon Funds, a Swedish fund manager registered in Malta, has systematically used aggressive telemarketing methods to promote three funds to Swedish citizens in the Swedish premium pension system. Falcon Funds has also unlawfully shifted clients’ money to its funds without their consent. The funds have underperformed significantly due to fraud and investments in companies with links to the owners of Falcon Funds. As a result, SEK 700 million (around €70m) went missing, affecting 22,000 Swedish pension savers who held savings in these funds.

The Swedish Pension Authority has delisted Falcon Funds from the system and the Swedish National Economic Crimes Bureau is still investigating the company to trace the missing money, which leads to ten different countries. The Maltese authorities have revoked the company’s permit and a criminal investigation is ongoing. The main person behind the company has only recently been arrested.