Richard Fagan (polo)

Richard Fagan
Personal information
Full name Richard Joseph Fagan
National team Ireland
Born September 1971 (age 47)[1]
Sport
Country Ireland
Sport Polo
Team
  • Silex
  • Opel-Royal Salute
  • Badrutt's Palace Hotel
  • El Trebol
Updated on 23 July 2016.

Richard Joseph Fagan (born September 1971) is a businessman who created the Kijani Commodity Fund in 2011 reported by Simon Rowe in the Business section of the Irish Independent newspaper as being at the centre of a $16bn Ponzi scheme probe[2]though he is not understood to be under investigation any more and has never been charged in relation to the scheme probe. He is the captain of the Irish international polo team and also plays for Silex, Opel-Royal Salute, Badrutt's Palace Hotel and El Trebol, among others.[3][4][5][6][7]

Early life

Fagan was born in September 1971. He headed a family motor repair chain.[8] In February 2006, he was a member of Los Griffos and won the Royal County of Berkshire Polo Club Arena Gold Cup. Fagan also won the Junior County Cup in 2006 with the Autodex polo team. He moved to Gibraltar in 2007 to work in the territory's investing industry.[8]

Business career

In 2011, Fagan started the Kijani Commodity Fund, which pitched investments to small commodity producers.[8] The fund managed more than $130 million in assets and was seized by Cayman Island regulators in June 2015.[8][9][10][11] He is a shareholder in Kijani Resources Ltd.[12] According to the Wall Street Journal, Fagan's fund has been seized but at the time of writing in 2015 he has not been accused of any wrongdoing by regulators.[13] His fund is now in liquidation and he robustly denies involvement in a fraudulent investment operation where the operator pays returns to its investors from new capital paid to the operators by new investors, rather than from profits earned through legitimate sources and has not been charged with any wrongdoing. But a number of high-value managed funds linked to Fagan's network have been seized by financial regulators and put into administration to protect investor funds in recent months.[2]

In 2012, Fagan bought a 116-foot superyacht named Ratio which sleeps around 15 people.[8][14]

Polo career

By 2010, Fagan had won several international tournaments, including the XXXIX International Polo Tournament with Silex.[15] In June 2014, Silex won the XV edition of the Andrés Parladé tournament against Powder Byrne/Blueye in overtime.[16]

As captain of the Irish international polo team,[4] Fagan won the silver medal in the 2014 European Polo Championships in France at the 2014 FEI World Equestrian Games.[17][18] He accepted an Irish bog oak sculpture on behalf of the Irish team for winning the silver medal, which was presented by Horse Sport Ireland chairman Pat Wall and Federation of Irish Polo Clubs chairman James Kennedy.[19] The team competed in the Land Rover International Polo Tournament[20] and the XXXVI José Ignacio Domecq Memorial tournament at Santa María Polo Club.[3]

In 2015, Fagan and Team Badrutt's Palace Hotel competed in the Snow Polo World Cup in St. Moritz, placing third in the event.[21][22][23] As a member of Team Opel-Royal Salute, Fagan won the Silver Cup in Medium Goal at Land Rover International Polo Tournament.[24] He was selected to represent Ireland in the Snow Polo World Cup 2016.[25]

References

  1. ↑ https://beta.companieshouse.gov.uk/officers/UukRqPENfdAR1j9R6Ep-5lI1zTg/appointments
  2. 1 2 Duo with Irish links at centre of $16bn Ponzi scheme probe Irish Independent Business section, 26 June 2016. Retrieved 7 April 2017.
  3. 1 2 Silex remains unbeatable. Santa María Polo Club Sotogrande, 1 April 2015. Retrieved 3 June 2015.
  4. 1 2 Team Cartier seal third triumph at St Moritz's Snow Polo World Cup. Gareth A Davies, The Daily Telegraph, 3 February 2015.
  5. ↑ "Royal patronage has helped strengthen polo, says Guards Club chief on 60th anniversary". The Daily Telegraph. 12 March 2015.
  6. ↑ "Polo in the heart of London". Polo+10. 18 August 2014.
  7. ↑ "Silex brilla en el campeonato de España". La Voz Digital. 11 October 2013.
  8. 1 2 3 4 5 Investigation of Seized Hedge Fund Highlights Risks. Margot Patrick, The Wall Street Journal, 3 August 2015. Retrieved 1 October 2015.
  9. ↑ Corruption scandal hits senior politicians. David Pallister and Rory McCarthy, The Guardian, 15 November 2003. Retrieved 1 October 2015.
  10. ↑ EXPOSED: Belvedere Management's massive criminal enterprise. David Marchant, OffshoreAlert, 17 March 2015. Retrieved 25 March 2015.
  11. ↑ Funds marketed in Hong Kong linked to Belvedere fraud probe. Benjamin Robertson, South China Morning Post, 6 April 2015. Retrieved 7 April 2015.
  12. ↑ Belvedere-owned Kijani funds go into liquidation. Katherine Denham, International Adviser, 30 June 2015. Retrieved 2 October 2015.
  13. ↑ 3 August 2015. Retrieved 7 April 2017
  14. ↑ "BUSTED: British & Irish expats who help Belvedere Group swindle investors" David Marchant, OffshoreAlert, 22 May 2015. Retrieved 1 October 2015.
  15. ↑ "Polo Quarterly". Polo Quarterly International. August 2010.
  16. ↑ "Team Silex wins in overtime". Polo+10. 11 June 2014.
  17. ↑ Ireland's Polo Team Play In European Championships On Saturday. The Irish Sports Council. Retrieved 3 June 2015.
  18. ↑ "Ireland's Polo Team Play in European Championships on Saturday". Horse Sport Ireland. 5 September 2014.
  19. ↑ Olympic dreams for Irish polo team. The Irish Field, 26 December 2014. Retrieved 3 June 2015.
  20. ↑ Polo in the heart of London. Polo+10, 18 August 2014. Retrieved 3 June 2015.
  21. ↑ "St Moritz's Snow Polo World Cup, the most glamorous and unusual of sporting events". The Daily Telegraph. 28 January 2015.
  22. ↑ "The inventor is back". Polo+10. 30 January 2015.
  23. ↑ "Does horse sport get any more glamorous than this? [PICS]". Horse & Hound. 4 February 2015.
  24. ↑ "Dubai Polo Team wins INDI Silver Cup". Polo+10. 17 August 2015.
  25. ↑ "World-class teams in St. Moritz". Polo+10. 26 October 2015.
  • Richard Fagan at Images of Polo.
  • "Kijani frozen – why we didn’t invest : China Expat Money Blog". chinaexpatmoney.com. Retrieved 6 October 2015.
  • "A genuinely unique investment strategy – Kijani Commodity Fund". kijani.com. Retrieved 6 October 2015.
  • "Brighton SPC" (PDF). PWC. 4 August 2015. Retrieved 6 October 2015.
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