Arbitrade gold title partner sued for fraud
The president of a company linked with Arbitrade’s past claim to have “title” to $16 billion of gold bullion, has been named as a defendant in an unrelated US civil court action that involves the alleged non-return of a $4 million deposit.
Utah-based Scotia International of Nevada Inc, and its owner Max Warren Barber, have been named among defendants in a complaint filed at the District Court for the Eastern District of Pennsylvania.
The Evolant Blind Trust is the plaintiff, and the complaint involves an allegation that a $4 million deposit paid to Scotia has not been returned, and that a surety bond linked to the deposit and guaranteed by another named defendant, Wyoming-based SubGallagher Investment Trust, has not been paid.
The Evolant Blind Trust is represented by law firm Bochetto & Lentz, PC, and has demanded a trial by jury.
As of yesterday, there was no listed counsel for the defendants. The Royal Gazette was unable to reach SubGallagher Investment Trust, and did not receive a response to an e-mail inquiry to Mr Barber at Scotia International about the case.
Mr Barber is president of Sion Trading FZE, a subsidiary of Scotia International of Nevada. A year ago it was named by Bermudian-registered Arbitrade as its partner in securing “title” to 395,000 kilograms of gold bullion to back four cryptotokens.
Details of the case were first reported by the OffshoreAlert website.
• It is The Royal Gazette’s policy not to allow comments on stories regarding court cases. As we are legally liable for any slanderous or defamatory comments made on our website, this move is for our protection as well as that of our readers.
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