K1 auditor says would be “bold” to conclude fraud

Reuters – An auditor for German hedge fund K1 Global Ltd said that “liquidity of K1 is apparently scarce”, temporarily preventing payouts to banks and clients, but it would be “bold” to conclude this stemmed from fraud.

“Until now nothing has been proven,” Professor Josef Augustin Becker said in an e-mailed response to questions about K1, a hedge fund company whose founder, Helmut Kiener, was arrested this week amid a probe of possible fraud and breach of fiduciary trust prosecutors say may have cost banks millions.

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