Coordinating retail investor claims involving Mako Management
and Mr Nicholas Bovell.
A coordinated class action for investors in the Bovell Global Macro Fund (Carcharodon Capital, Mako Management and its founder, Mr Nicholas Bovell). One portal for transparency, legal action, and asset recovery.
Submissions are confidential and reviewed by the appointed coordinator.
Case Fundamentals
Affected Period
Oct 2019 – Present
Status
Reporting Gap
Capital Loss
-70.7%
Reported fund decline
Missing Reports
12 Months
Basis for Action
Alleged negligence
Background
Attention investors in Bovell Global Macro Fund.
Following a significant and unexplained decline in the fund's value, investors in the Bovell Global Macro Fund — managed by Carcharodon Capital and then Mako Management — are coordinating to seek transparency, accountability, and asset recovery.
This portal exists to securely capture investor positions, compare communications and statements received, and prepare a consolidated record for regulators and BVI counsel. Submissions are confidential and reviewed by the appointed coordinator.
Class action
Overview and client concerns.
Key retail investors are coordinating a class action against Mako Management and its founder and investment manager, Mr Nicholas Bovell, on behalf of retail investors who acquired products between October 2019 and today and who say they have suffered financial loss or damage.
The core allegations
- Investors allege that the financial products offered were highly risky and unsuitable for retail investors.
- Investors allege that Carcharodon Capital, Mako Management and Mr Bovell engaged in conduct said to be misleading, deceptive and unconscionable in relation to the supply, management and promotion of these investments.
Key investor concerns & claims
Specific investor claims against Mako Management and its management.
Alleged failure to disclose fraud investigations
Investors allege management did not disclose ongoing fraud investigations said to be linked to the fund — in particular concerning Vinito Capital Management — which they characterise as gross negligence in the handling of client funds.
Concerns about representation of fund performance
Investors contend that the Bovell Global Macro Fund factsheet dated March 2021 — provided at the time of investment — did not disclose the investigation then said to involve Vinito Capital Management. This concern is said to have been raised by fund directors.
Alleged misrepresentation of risk
Investors allege that, although the fund was marketed as diversified, a substantial portion of capital was allocated to high-risk cryptocurrency exposures without adequate or timely disclosure.
Concerns over transparency
Investors report receiving only a single NAV report in the past 12 months and say that, following redemption requests, material updates and financial information have been substantially restricted.
Redemption delays
Investors report that, despite formal requests to close accounts and redeem funds, they have not yet been provided with a clear timeline, process or mechanism for the return of capital.
Disclosure of proceedings involving IFINA
Investors say they have not been provided with updates or details regarding the legal position concerning proceedings said to involve the fund's previous administrator, IFINA.
Appointment of a fund administrator
Investors understand that the fund does not currently have an appointed administrator and are seeking clarification of the fund's compliance with applicable BVI requirements.
Outstanding audit reports
Investors report that copies of audits of the fund have not been provided to them in the past five years — a particular concern given the allegations of fraud that have been raised in relation to the fund.
Counterparty & Transparency Risk
Investors say they have requested standard identity and address verification from the manager and consider that outstanding requests of this kind have impeded ordinary due diligence.
Performance
Reported fund performance vs. S&P 500.
Cumulative net monthly returns reported by the manager, benchmarked against the S&P 500. Past performance is not indicative of future results.
Note: this graph will be updated as additional information comes to hand.
Evidence
The original sales pitch.
Representations investors recall being made
- Investors recall being given the following representations at or around the time of subscription:
- That the fund was backed by family, friends and key investors.
- That the fund was outperforming major market indexes at the time.
- That the fund would invest in hotels and airlines, sectors said to have been heavily discounted during COVID.
- That the fund was diversified across multiple investments and sectors.
- That maximum drawdown would be limited (said to be 4.63% to date) by stop-loss measures.
- That client money would not be 'gambled' and would be managed by reference to the manager's experience.
- Investors recall that no mention was made of any ability to invest the majority of the fund into volatile cryptocurrencies.
- Investors recall that there was initially no management fee and a percentage was only charged on profits, and that this is said to have changed later, with a percentage of the fund charged as a management fee without investor input.
Fund Structure and First Investor Update After Investment
An overview of the fund structure investors say was presented to them, alongside the first substantive investor update received after investment.
Investor Correspondence
Letter to investors regarding the alleged fraud said to involve Vinito Capital Management and the suspension of Net Asset Valuations.
Three pillars
A coordinated response on three fronts.
Share Information
Securely compare communications, capital statements and redemption history with other investors under coordinated NDA.
Collective Legal Action
Joint representation and cost-sharing for proceedings before the BVI Commercial Court.
Regulatory Liaison
Multi-party reporting to the BVI Financial Services Commission, ASIC, and ReportCyber.
Right of reply
An invitation to respond.
Carcharodon Capital, Mako Management, Mr Nicholas Bovell and any third party named on this site are invited to provide a written response to any material published here. Responses will be published alongside the relevant material, subject to verification.
To submit a response, contact the appointed coordinator via the registration portal.
Register your position confidentially.
Submission takes about three minutes. You'll receive an acknowledgement immediately.