Phoenix Fund Investments Denies Financial Misdeeds

In a statement Nov. 25, Phoenix Fund Investments and its owner denied all allegations made against it and its owner, Amer Abdulaziz, in legal proceedings against an international cryptocurrency operation called OneCoin.

"Phoenix Fund Investments LLC believes that the firm and Mr. Amer Abdulaziz have acted according to the law at all times, and will vigorously contest all allegations of wrongdoing," Phoenix said in a statement Monday. "Phoenix Fund Investments LLC will fully cooperate with relevant authorities should they require any assistance."

Phoenix Thoroughbreds, a racing investment fund launched in 2017 that has horses in the U.S., Dubai, Europe, and Australia, is one of the leading owners in the world. Some of its best known runners include classic-placed Gronkowski, who finished second in this year's Dubai World Cup sponsored by Emriates Airline (G1), along with group 1/grade 1 winners Dream Tree and Advertise.

Abdulaziz, a Dubai-based businessman, caught the racing bug while attending college in the U.S. at the University of California at Berkeley. He would exercise horses at Golden Gate Fields.

OneCoin, which Phoenix Fund referenced in its release, was identified as a "massive international fraud scheme" in a Nov. 21 release from the U.S. Attorney's office for the Southern District of New York. That release noted the conviction of Mark Scott, a former equity partner at the law firm Locke Lord, of laundering approximately $400 million. Racing Post reported a witness during the trial alleged Abdulaziz was a major operator in OneCoin, which Abdulaziz denies.

Monday's statement from Phoenix Fund "categorically denies all allegations made against it, and its owner, Mr. Amer Abdulaziz, in legal proceedings against OneCoin and its conspirators in the U.S."