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Kingdom of Sweden wins €60m in Commercial Court of England and Wales; Serwin’s Falcon Funds pension scheme held fraudulent; restitution ordered from Bishop-linked companies

Published on: 11 July 2025

Published by a Law360 reporter
Legal News
Article summary

Max Serwin, formerly known as Emil Ingmanson

According to a High Court ruling dated 8 July 2025, Max Serwin, previously known as Emil Ingmanson, created Falcon Funds SICAV Plc as a means to direct pension investments into companies in which he held personal interests. Judge Mark Pelling KC concluded that Serwin presented Falcon as a legitimate investment fund when, to a substantial extent, it was not. As the designer of the Falcon arrangement, his conduct and failures were the unlawful acts that caused Sweden’s losses.

Sweden asserted that the fund formed part of a broader operation that allegedly extracted €115m from more than 46,000 Swedish pensioners. Sweden had earlier pursued criminal proceedings against Serwin in relation to his involvement. In April 2020, he was convicted in Sweden of aggravated fraud, aiding and abetting disloyalty to a principal, and aggravated giving of bribes...

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