Business · Markets · 1 day ago
Investors say 45 million francs put into sports betting venture are missing
Swiss investors, including wealthy individuals and family offices, put about 45 million francs into Eleven Peaks, a Malta-based company, between 2021 and 2023.
The company was supposed to invest in sports bets selected by an algorithm.
Investors say the money is now missing, and one investor says he lost more than 2 million francs.
A criminal complaint filed in Thurgau accuses businessman Heinz Haunschild, betting-business figure Giancarlo Tottoli, a former Deutsche Bank manager and connected companies of fraud and misuse of funds.
The complaint alleges that investor money was sent to companies linked to the accused instead of being used for bets.
They deny the accusations and say they also lost money, blaming problems at Turkish betting company Brokerstarz and saying repayment may still be possible.
The complaint has not been provided to the accused, and it is not clear whether Thurgau prosecutors will open a case.
The dispute matters because investors are trying to find out where their money went and whether they can recover it.
Investors say about 45 million francs sent to Malta-based Eleven Peaks between 2021 and 2023 for algorithm-based sports betting are missing.
A criminal complaint alleges the money was diverted to companies linked to people involved in the venture rather than used for football bets.
The complaint was filed with the Thurgau public prosecutor’s office and accuses entrepreneur Heinz Haunschild, Giancarlo Tottoli, a banker and associated companies.
The accused deny the allegations and say the losses arose after Turkish betting company Brokerstarz faced problems with local authorities.
The accused say they, too, lost money and believe repayment may still be possible.
- Who
- Investors in Eleven Peaks say their money is missing. The complaint names Heinz Haunschild, Giancarlo Tottoli, a banker and associated companies.
- What
- About 45 million francs invested in an algorithm-based sports betting venture are unaccounted for.
- When
- The money flowed into Eleven Peaks between 2021 and 2023. The complaint was filed in the summer.
- Where
- Eleven Peaks was based in Malta; the complaint was filed with the Thurgau public prosecutor’s office in Switzerland.
- Why
- Investors allege the money was used for transfers to companies linked to the accused rather than for the agreed football bets. The accused blame problems at Turkish betting company Brokerstarz.
Investors and PMG Solutions
Heinz Haunschild, Giancarlo Tottoli and the banker
Use of the money
Investors and PMG Solutions
The complaint alleges funds were diverted to companies linked to the accused rather than used for football bets.
Heinz Haunschild, Giancarlo Tottoli and the banker
They deny the allegations and say the money was lost after Brokerstarz faced problems with Turkish authorities.
Prospects of repayment
Investors and PMG Solutions
The claimants doubt reports that funds may be recovered.
Heinz Haunschild, Giancarlo Tottoli and the banker
Haunschild and Tottoli say repayment may still be possible.
It is the biggest loss of his life.
About 45 million francs in investor money flowed into Malta-based Eleven Peaks.
A criminal complaint was filed with the Thurgau public prosecutor’s office.
NZZ published its report on the missing investment funds and the allegations.
- Investment amount
- About 45 million francs
- Investment period
- 2021–2023
- Venture
- Eleven Peaks, based in Malta
- Complaint location
- Thurgau public prosecutor’s office
- Named accused
- Heinz Haunschild and Giancarlo Tottoli
Sources
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