I can confirm that the financial broker Curmi & Partners owned by Neville Curmi is facing a series of resignations of its senior staff over serious allegations of misappropriation of clients’ funds. The MFSA is aware that Nevile Curmi is being accused of serious allegations and is also investigating his activities.
This is not the first time that Neville Curmi is being accused of misusing a client’s funds.ย In one particular case, Nevile Curmi seems to have used up to ย850,000 of a client’s money to invest in very stupid and risky investments of private companies he may also have had a direct interest in, one of which went to 0 (Sherbourne Investments).
My readers may remember my critique of local funds.ย This is very different. Neville Curmi is not being accused of luring customers to put their money in funds which don’t perform but rather is being accused of outright fraud. There are some things that people need to understand about the financial world to get a clear picture of this story.
Financial brokers, financial advisors and even fund managers have an obligation to offer retail clients safe and orthodox investments. It is not right and ethical for financial services professionals to offer high-risk and complex instruments to retail investors, but if a client explicitly asks you to put their money in safe investments such as bonds, and you proceed to use their money to invest in unknown private companies, that’s outright fraud, irrespective how the law and the MFSA see it. Nevile Curmi did just that: a client who has no knowledge of the financial world had asked Neville Curmi to invest her money in safe and low-yielding instruments, but instead he proceeded to play with that money in private companies and complex deals which a retail client should have never been made part of.
You may also remember Neville Curmi as one of the business partners in the Cafe Premier venture.
This is a developing story.
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