Vuk Vuković arrested in US for alleged investor fraud

Croatian economist and entrepreneur Vuk Vuković has been arrested in the United States on charges of investor fraud. Vuković, the founder of Oraclum Capital LLC and CEO of the Orca Bason fund, is accused of inflating data regarding his fund's returns and assets through electronic communications to investors.

Vuković has admitted to exaggerating returns but has been released on bail. He is prohibited from leaving New York, and his court proceedings are scheduled for November.

The Croatian Financial Services Supervisory Agency (HANFA) had previously taken measures against Vuković's business activities in Croatia. Last year, HANFA banned the distribution of investments in the American fund through the cooperative Glas poduzetnika 2.0, noting that the fund was deemed risky and its products should not have been offered to small investors in Croatia or the EU. Following these measures, the cooperative ceased distribution and returned a total of 4.8 million euros to 104 small investors.