Opinion ID: 6495848
Heading Depth: 2
Heading Rank: 1

Heading: Underlying Conduct

Text: Our discussion of the facts comes from the allegations contained in Insight’s second amended complaint, which is the operative complaint. Fernando Haberer was a con man. He ran a Ponzi scheme that ultimately failed, but not before he funneled millions of dollars of his clients’ assets into the scheme. Haberer was the principal of Biscayne Capital S.A (“Biscayne”). Through Biscayne, he held power of attorney for Rado Limited Partnership (“Rado”), a New Zealand limited partnership that had an account with Deutsche. He also enjoyed power of attorney over three entities that had accounts at Insight: Bralisol Associates Ltd. (“Bralisol”), Clodi Holdings, Ltd. (“Clodi”), and Maria De Los Angeles Aparain Borjas (“Aparain”). All three of these entities gave power of attorney to execute trades in their Insight accounts to Total Advisors, LLC (“Total”), of which Haberer was the principal. In short, Haberer had authority to execute trades and manage the assets for the Rado, Bralisol, Clodi, and Aparain accounts, as the principal at Biscayne and Total. While acting as an investment advisor, Haberer was also operating a Ponzi scheme. The scheme, the details of which are not USCA11 Case: 21-12817 Date Filed: 06/28/2022 Page: 4 of 20