Brothers Solomon and Benjamin Marrache were arrested on 18 February following suspicions of false accounting relating to Can$5.6m (£3.44m) and e2.1m (£1.83m) of client money. They were charged and refused bail last Friday afternoon (19 February).
The brothers were first arrested and subsequently bailed on 9 February following charges of falsely accounting €1.8m of client monies (The Lawyer, 15 February). The jurisdiction’s Financial Services Commission cancelled their licences.
Isaac Marrache, who is a brother of Solomon and Benjamin, has also been suspended by Gibraltar’s local legal authority, although he has not been arrested or charged.
A civil suit has also been filed against Marrache & Co by T&T Trustees, a subsidiary of Gibraltar firm Triay & Triay, which is trying to recover e10m of client monies from the firm.
Triay has obtained a worldwide freezing order from the Supreme Court of Gibraltar on Marrache & Co’s assets and the three Marrache brothers. The court has also appointed provisional liquidators to protect the assets.