Barbados Corporation implicated in US$200 million Ponzi scheme. How will our government deal with David Krywenky?

Kingz Capital Management Corp. Barbados – Hundreds of Millions vanish

According to the Star Tribune of Minneapolis USA, Kingz Capital Management Corp. is a registered commodities trading adviser and commodities pool operator in Barbados. A simple Google search reveals numerous articles talking about Kingz involvement in several “gone wrong” investment schemes that took in hundreds of millions of dollars – that apparently vanished.

At Barbados Free Press our questions are: 1/ What is Barbados going to do about it? 2/ What laws does Barbados have at its disposal to prevent or to deal after the fact with occurrences like this?

Here are a few stories of the many online…

Trevor Cook’s ally won’t be trading for 3 years

By Dan Browning, Star Tribune, Minneapolis

Jan. 28–A Canadian-based commodities trader affiliated with embattled Minneapolis money manager Trevor Cook has agreed to give up his trading rights for three years in response to a complaint that accused him of letting Cook — who is not a registered trader — take control of an offshore currency investment pool.

The trader, David Krywenky of Toronto, has run Kingz Capital Management Corp., a registered commodities trading adviser and commodities pool operator in Barbados, for two years. The National Futures Association (NFA), a self-regulatory body that oversees the futures markets, filed a complaint against Krywenky and Kingz Capital in September accusing them of failing to uphold ethical standards, cheating customers, and failure to supervise business activities properly…

… continue reading the full story at American Chronicle’s article Trevor Cook’s ally won’t be trading for 3 years

Click image for Patrick Pretty's take on this story

$300 million Oxford trail leads into Canada

By DAN BROWNING, Star Tribune
November 4, 2009

Investors looking to recover their money from a suspect currency investment program have a new, $300 million trail to follow into Canada.

Regulators are quietly pursuing a complaint against a Toronto commodities firm and one of its executives, alleging they helped Minneapolis money manager Trevor Cook facilitate the currency trading program.

The $300 million that passed through the Toronto firm — KINGZ Capital Management Corp. — is the largest chunk of money found so far in the still-unfolding case, which drew investors from across the United States and several other countries. They have been unable to withdraw their money from what many were told was a Swiss-based currency trader since at least early July.

continue reading this story at the Star Tribune.com article $300 million Oxford trail leads into Canada

Further Reading

PatrickPretty.com – KA-BOOM! Offshore Firm To Which AdViewGlobal Claimed Wire Tie Booted From National Futures Association After Investigators Discover Ponzi Figure Trevor Cook Was Managing Its Investor Pool

Thanks to BFP readers A & R for tipping us to the story!

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4 Comments

Filed under Barbados, Business & Banking, Consumer Issues, Crime & Law, Offshore Investments

4 responses to “Barbados Corporation implicated in US$200 million Ponzi scheme. How will our government deal with David Krywenky?

  1. Hants

    BFP why do you write the titles that shifts blame on Barbados.

    Why not start from this.”The $300 million that passed through the TORONTO firm — KINGZ Capital Management Corp.

    “MINNEAPOLIS money manager Trevor Cook.”

    “They have been unable to withdraw their money from what many were told was a SWISS(Switzerland)-based currency trader.

    The investors can hire lawyers from Orillia.

  2. Huh?

    Hants it is a Bds offshore corp. running through New York, Swiss, Toronto and probably a bunch of other places. BFP is a Barbados blog with a Barbados focus. Obama’s minons are focused on the Barbados offshore banking centres and they are asking and the US politicians are asking what regulation there is in Barbados and other Caribbean banking centres and with Barbados offshore corporations. BFP’s headline is valid, concerned with Barbados and a sector of our economy that is largely unregulated and unmonitored. Think about it, Barbados had a financial crimes oversight unit that didn’t exist and had no legal mandate for years. These questions asked by BFP are valid and Bajans deserve some answers to the tough questions instead of the “rah rah rah for the guvment” bull that they are spoonfed like crap every day in the news.

    According to the news hundreds of millions of dollars illegally flowed through Barbados. Don’t you think that somebody should ask some questions as to how it happened and what steps the guvment is taking to prevent the same thing happening again?

  3. Huh?

    From Barbados Guvment records. Kingz is a Barbadian company.

    Name KINGZ CAPITAL MANAGEMENT CORPORATION
    Number 29413
    Date Registered / Inc. 2007-10-08
    Category Company

  4. Hants

    @Huh?

    So Barbados has to protect American and Canadian Investors from American and Canadian companies.