Following his arrest in Spain again in late 2020, Santi Fuentes has been charged in relation to ArbiStar.
Spanish prosecutors allege ArbiStar was a $92 million plus Ponzi scheme.
As reported by El Pais in a paywalled June sixth article;
After three years of investigations, which started in a courtroom in Arona (Tenerife), the investigating Justice of the Peace José Luis Calama has uncovered his conclusions on Tuesday in a forceful order, with which he prosecutes seven defendants (amongst them, the alleged ringleader, Santiago Fuentes Jover) and figures the fraud at greater than 92 million euros.
In accordance with the choose, the enterprise they constructed for savers “was financially unviable from the beginning”, and the plot “solely offered smoke”.
It is a well mannered approach of claiming ArbiStar was a Ponzi scheme. BehindMLM reviewed ArbiStar in April 2019, coming to the identical conclusion.
In accordance with the Spanish investigation, Fuentes (above) ran ArbiStar via a “community” of ten shell corporations.
“The fundamental premise on which Arbistar’s provide was based mostly was manifestly false. The enterprise mannequin provided was based mostly on fraud, because it supplied software program that needed to be renewed yearly and that by no means actually existed”, continues Justice of the Peace Calama.
ArbiStar’s Ponzi ruse was a buying and selling bot. This stays one of the crucial widespread MLM Ponzi ruses right this moment, more and more paired with an AI grift.
Sifuentes’ accomplice in crime, Diego Felipe Fernandez Nojarova (aka Diego Felipe Rikardo Fernández), has an arrest warrant out on him however stays at giant.
Fernandez (proper) is a Bulgarian nationwide.
In Could 2022 the Spanish Excessive Courtroom, with the cooperation of Bulgarian authorities, seized a chalet belonging to Fernandez in Sofia. A “high-end” Mercedes-Benz was additionally recovered.
Via courtroom filings, in January 2022 Fernandez represented to the Spanish Excessive Courtroom that he was residing in Bulgaria.
Given there’s a world arrest warrant out on him, if Fernandez remains to be in Bulgaria he’s assumed to be beneath the safety of Bulgaria’s corrupt officers.
Again in Spain, Fuentes’ bail has been set at €123 million euros. Justice of the Peace Calama believed ArbiStar took in additional than the €92 million euros in calculated losses.
So far the Spanish investigation into ArbiStar has recognized ~32,000 victims.
If convicted, Fuentes and the six accomplices prosecuted alongside him every resist eighteen years in jail.
