Investors say alleged $1B fraudsters pushed ‘worthless’ Cayman SPAC shares in place of cash - OffshoreAlert

Investors say alleged $1B fraudsters pushed ‘worthless’ Cayman SPAC shares in place of cash - OffshoreAlert

NYSE-listed Cayman Islands SPAC Soulpower Acquisition Company, which is involved in the proposed acquisition of insolvent Bank of Asia’s license and assets in the British Virgin Islands, has emerged as a non-party in U.S. investor and SEC litigation alleging a $1 billion securities fraud by U.S.-based private equity group Broadstreet. Neither Soulpower nor any of its principals has been accused of wrongdoing.