Overview

A class action lawsuit has been filed against Migom Global Corp. (“Migom Global” or the “Company”) (OTC: MGOM) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The Migom Global class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Migom Global securities on the OTC Pinki Markets between December 6, 2019, and August 25, 2022, inclusive, or pursuant to other domestic transactions.  Investors have until October 29, 2024, to seek appointment as lead plaintiff of the Migom Global class action lawsuit.

Migom Global a U.S. publicly traded company, and its subsidiary, Defendant Migom Bank Ltd. (“Migom Bank” or the “Bank”), licensed in the Commonwealth of Dominica, developed a unique banking business servicing international clients in the fintech, gaming, and crypto industries, quickly gaining hundreds of millions in deposits from around the world, swelling the market capitalization of Migom Global to almost $1 billion.

Migom Bank was established and licensed as an offshore bank in the Commonwealth of Dominica, in August 2019.  The Bank was created to serve international clients in the fintech, gaming, and crypto industries, and promoted itself as a disruptor in the banking sector, with low fees, a decentralized business model, and other features devised to serve the underbanked population.  In late 2019, the Bank underwent a reverse merger through the acquisition of Migom Global, a U.S. publicly traded company whose stocks are traded on the OTC Pink Markets, in New York, under the trading symbol “MGOM”.  As a result of the reverse merger, the Bank became the only and wholly-owned subsidiary of Migom.

The Migom class action lawsuit alleges that Migom Global’s Chief Executive Officer and its largest shareholder, Defendant Thomas Schaetti, had been providing fraudulent financial statements to the U.S. Securities and Exchange Commission (“SEC”) and Migom Global’s customers while he was in fact funneling the tens of millions of dollars in customers’ deposits into other companies he owned and controlled.  The Commonwealth of Dominica has since instituted international criminal proceedings against Schaetti and shut down the Bank’s operations, while the SEC has suspended trading of Defendants’ securities in the U.S. markets, thereby causing a complete loss for all of Migom Global’s investors, amounting to $750 million.

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If you purchased or otherwise acquired Migom Global securities on the OTC Pinki Markets between December 6, 2019, and August 25, 2022, inclusive, or pursuant to other domestic transactions, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Migom Global class action lawsuit is October 29, 2024.