EXW’s Ben Herzog arrested on PrivaFund charges
EXW Ponzi founder Benjamin Herzog was sentenced to five years in prison in October 2024.
Counting time served, Herzog only spent a few months in prison. In April 2025 Herzog was released under monitoring supervision.
Under this arrangement Herzog was able to work again, and reportedly had been at a warehouse up until a few weeks ago.
Earlier this month Herzog was arrested and presented before Klagenfurt Court.
Public Prosecutors allege that Herzog and several unnamed accomplices were behind the collapsed PrivaFund Ponzi scheme.
Through EXW, Herzog defrauded ~40,000 investors out of 25 million euros. Through PrivaFund, Herzog now stands accused of defrauding ~7500 investors out of 12 million euros.
PrivaFund was an MLM crypto Ponzi launched in 2021. The scam was a typical “trading ruse” Ponzi.
Instead of fronting PrivaFund himself, Herzog hid behind an actor playing fictional CEO Stephen H. Rowe.
News of the Austrian investigation into PrivaFund broke in November 2023. Herzog’s attorney has already filed an appeal against his PrivaFund criminal case.
Thus far, the only judicial update we have is the Graz Higher Regional Court ruling the PrivaFund case will not take place in Klagenfurt.
Separately, on September 18th, Kleine Zeitung reported Herzog’s supervised release was revoked for suspected recovery scamming.
The prison’s reasons for revoking his electronically monitored house arrest fit the image of the man he presented during the fraud trial: The Carinthian had set up his own website and offered his knowledge of cryptocurrencies, ostensibly to help victims of fraud. He also gave an interview to a magazine.
Pending further updates on proceedings, stay tuned.
The following individuals were mentioned and shown on Instagram on March 2, 2021.
postimg.cc/R3G2YJ7q
instagram.com/p/CL7LuHjjVSn/
The Instagram account privafund.io, with 58 posts and 3,552 followers, only existed from January 10, 2021, to July 5, 2021.
postimg.cc/nswsvfRt
instagram.com/privafund.io/
Stephen H. Rowe auf LinkedIn.
postimg.cc/SXDwx9bG
linkedin.com/in/stephen-h-rowe-2a87a7203/
Maurice Malherbe from Zurich (Switzerland) on LinkedIn.
postimg.cc/xJdqXLkw
linkedin.com/in/maurice-malherbe/
Martin Laur from Tallinn (Estonia) on LinkedIn.
postimg.cc/7Gm4Tcv9
linkedin.com/in/martin-laur/
Google cannot find any lawyers with the names mentioned on Instagram. Apparently, they never existed.
On July 14, 2021, this video of alleged PrivaFund CEO Stephen H. Rowe was published on a German YouTube channel with 51,000 subscribers, but was not listed.
postimg.cc/fksnwM96
youtube.com/watch?v=rcr-OsCvilc
The operator of this channel, Stefan Olschewski from Hamburg, pointed out in his latest video yesterday that he has received three warnings from YouTube and may not be able to continue his channel.
youtube.com/watch?v=PCQqV9pGk48
A German video dated October 5, 2021 on another YT channel confirmed that PrivaFund investors had been massively deceived. Stephen H. Rowe also claimed to have been deceived by Benjamin Herzog.
youtu.be/rJIBb5XvSTQ?t=415
Does anyone by any chance know anything about the other co-founder of exw, Mr. Manuel Batista, because according to the latest reports he was a fugitive, or has he been acquitted or is in custody?
Manuel Batista was still a fugitive hiding in Dubai as of October 2024. I haven’t seen any further updates.
Manuel Batista is by far and large out in Dubai. He has been seen at Nikki Beach last Sunday as it is a location very much visited by his clique.
He is planning a scam recovery through this new Pinocchio scam that can be seen available on OKX. He is very much seen around his ex wife Daria Salomatova and Fabio Fiocco with support from other people from his old circle of friends and trustees.
This week he was seen again at Nikki beach in company of his ally and left wing Fabio Fiocco. The latter was seen in various times in the company of famous shady trader @nabil_trader_realfx.
It’s not farfetched the idea to believe that nabil gave funds to Batista in order for him to remove his multiple local arrest warrants to be able to move freely around the UAE.
Yesterday, the trio composed by Fiocco, Batista and Batista’s ex wife & girlfriend Daria Salomatova have been spotted at Verde Beach for the entire day.
According to various sources Manuel Batista is still under arrest warrants for various cases locally in the UAE. He is still roaming around thanks to his accomplices – Fiocco and Salomatova.
Also, he is active on Instagram under the pseudonym batmancrypto777.
Strangely, he comments on his “accomplice’s” page Pinocchio – another scam that the gang operated to help them source their debts, payments and unlawful legal fees.