USVI-Based Company Mac Private Equity Files for Bankruptcy, Faces Over $500K in Lawsuits

Following a series of lawsuits claiming fraudulent behavior in business transactions, Mac Private Equity has filed for bankruptcy in a Delaware court.  The voluntary Chapter 7 petition, filed in early March, asserts that the business owes between $1 million and $10 million, but has less than $100,000 in assets. Under question 13 of the filing form, company principal Matthew McClafferty asserts that “after any administrative expenses are paid, no funds will be available for distribution to unsecured creditors.” Mr. McClafferty is the founder of Mac Private Equity Inc., which bills itself as an “American offshore fund located in the U.S. Virgin Islands with a primary focus on businesses or concepts that involve blockchain technologies.” On its website, the fund claims to be  “a registered Economic Development Company (EDC) operating in the U.S. Virgin Islands,” which a prior lawsuit said it achieves through a locally-registered entity, MPE Clearing & Holdings, Inc.  The first lawsuit ...