ProCap Newsletter No. 68

Dear Clients,

In our previous update, we informed you that there were no new official developments in the ProCap case requiring action on your part and that we would continue to monitor the relevant proceedings.

While we await further official information, we would like to address a question that frequently arises in international investment fraud cases: what does it mean when a development concerning the same or connected investment operation occurs in another country?

Cases involving online investment platforms often extend across several jurisdictions. Investors may be located in different countries, companies may be registered abroad, payments may have passed through accounts in several jurisdictions, and individuals connected with the operation may be investigated by different authorities.

As a result, proceedings relating to the same underlying investment operation may exist simultaneously in more than one country.

A development in one country does not automatically determine the outcome elsewhere

If authorities in one country open an investigation, bring charges, seize assets or take another procedural step, this can be important information.

However, it does not automatically mean that authorities in another country will take the same action.

Each authority acts within its own jurisdiction and in accordance with the applicable national law. It must independently assess the evidence available to it, the persons and transactions falling within its jurisdiction and whether the legal requirements for further action are satisfied.

This is why proceedings concerning the same investment operation may be at very different stages in different countries.

Can information from another proceeding still be useful?

Yes.

The fact that proceedings are legally separate does not mean that developments in other jurisdictions are irrelevant.

Information obtained in another country may help identify individuals, companies, bank accounts, transactions or other circumstances relevant to understanding how an investment operation functioned.

Depending on the circumstances and applicable procedures, authorities may also exchange information or seek international legal assistance.

However, information that becomes available abroad must still be considered within the legal framework of the particular domestic proceeding.

What does this mean for ProCap investors?

When assessing developments concerning ProCap or connected individuals and entities, it is important not to consider an isolated report from one jurisdiction as confirmation that the same procedural step has occurred everywhere else.

Our approach is therefore to distinguish between information that may be relevant to the broader case and official developments that directly affect the legal position of our clients.

At present, there is no new official development requiring action from you.

We will continue to monitor relevant proceedings and information from different jurisdictions. If a development occurs that affects the status of the case, the possibility of recovery, or requires additional documentation or action from our clients, we will inform you accordingly.

Thank you for your continued patience and trust.

Kind regards,
Attorney Zoran Miljaković