Oraclum Capital's Vuk Vukovic Faces Fraud Charges Over Inflated Hedge Fund Returns

Vuk Vukovic, the founder and chief investment officer of Oraclum Capital, is under scrutiny following charges of securities fraud and wire fraud filed by federal prosecutors in Manhattan. The charges, unsealed on September 11, allege that Vukovic systematically misled investors regarding the performance of his hedge fund, the ORCA BASON Fund, by inflating returns through falsified financial documents.

The ORCA BASON Fund, launched in late 2022, marketed itself as a high-return investment vehicle utilizing a novel approach to social media data. It reportedly claimed gross returns of 51% over two years. However, prosecutors noted discrepancies, revealing that a prospective investor received statements showing a 38.44% return when the actual figure was only 16.39% according to administrator records.

The allegations of fraud date back to at least 2024, with Vukovic accused of distributing falsified monthly statements and brokerage records that reported inflated net asset values. A search of Vukovic's premises on September 9 led to a partial admission regarding the falsification of some brokerage statements, although he denied personally sending the doctored documents to investors.

Prior to the U.S. charges, Croatian regulators had already flagged issues with the fund's operations. The Croatian financial supervisory authority, Hanfa, banned the distribution of ORCA BASON Fund units in July and December 2025, citing the fund's improper channels for attracting retail investors. As a result, approximately 3.3 million euros in collected funds were ordered to be returned or redirected through lawful channels.