MIAMI, Sept. 4, 2024 /PRNewswire/ — AXS LAW expands its shareholder rights practice by filing a securities fraud class action against an international crypto bank in the Southern District of New York. The lawsuit alleges that Thomas Schaetti, the CEO of Migom Global—the parent company of Migom Bank, one of the few licensed crypto currency banks in the world—siphoned customer deposits and misled investors. The conduct of Migom Bank has recently become subject to criminal proceedings in the Commonwealth of Dominica by the Ministry of Finance’s Financial Service Unit.
Among the defendants in the class action is a disgraced Austrian politician Johann Gudenus, who is alleged to have leveraged his political connections to assist in the CEO, Mr. Schaetti, in the diversion of assets and the concealment of the wrongdoing from the victims of the scheme.
On behalf of one of those defrauded investors and other similarly situated members of the class, the lawsuit seeks damages totaling $750 million.
The case is captioned AMJ Global Entertainment, LLC v. Migom Global Corp., et al, No. 1:24-cv-6600 (S.D.N.Y 8/30/24). Jeff Gutchess, AXS LAW’s founding partner, said: “AXS LAW has long represented minority shareholders of closely held corporations in Miami and Los Angeles. We are now expanding that practice to include shareholders of publicly traded companies, particularly in the Fintech and AI industries, where we are preparing to file additional high-profile cases in New York and elsewhere.”
About AXS LAW GROUP
With offices in Miami and Los Angeles, AXS LAW is dedicated to providing practical and comprehensive solutions to complex matters. After decades at Big Law, we created AXS LAW with a view to disrupting the traditional law model to better address the needs of the modern business law consumer. We do this first and foremost by bringing our own expertise as entrepreneurs. Our attorneys are encouraged to pursue entrepreneurship and this, in turn, gives us the perspective and “guts” to help our clients navigate, not avoid, risk. And, unlike most law firms, we have personality. We are not tethered to our chairs and desks; we are out there continually forging new and strengthening existing relationships in the business and wider community. Our clients enjoy working with us! For more information, please visit www.axslawgroup.com.
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AXS LAW GROUP
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SOURCE AXS LAW Group
Originally published at https://www.prnewswire.com/news-releases/axs-law-expands-its-shareholder-rights-practice-by-filing-a-securities-fraud-class-action-against-an-international-crypto-bank-in-the-southern-district-of-new-york-302238392.html
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