Rimu Capital Accuses Adviser of Fraud, Self-Dealing $25 Million

Rimu Capital Ltd. accused an investment adviser of fraud and self-dealing using a plan that involved a proposed SPAC merger with a Philippine resort and casino.

Jason Ader and his companies, SpringOwl Asset Management LLC and SpringOwl Associates LLC, fraudulently induced Rimu to invest $25 million in a special purpose acquisition company that he didn’t disclose his interest in, according to a complaint filed Thursday in the US District Court for the Southern District of New York.

After the investment, Ader sold his interest in a transaction “designed and implemented to enable Ader to simply pocket Rimu’s $25 million for ...