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.
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