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prima:Popular investment fund sues former administrator over alleged multimillion-dollar fraud

The private equity firm alleges Gian Carlo Piovanetti diverted more than $11 million to benefit himself, family members and close associates

January 8, 2026 - 1:27 PM

El Nuevo Día requested a response from Popular regarding the litigation against its former executive, but was informed that the institution would not issue statements while the case is ongoing. (Xavier Araújo)

The private equity fund Popular Mezzanine Fund, LLC (PMF) sued one of its former administrators, Gian Carlo Piovanetti, for allegedly illegally and fraudulently obtaining millions of dollars for the personal benefit of himself, his wife, his mother, friends, and other related entities.

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