Generation Zoe securities fraud warning issued by Colombia
Generation Zoe has received a securities fraud warning from Colombia.
As per the Superintendencia Financiera de Colombia’s March 1st warning;
Generación Zoe is not supervised by the Financial Superintendence of Colombia.
This is the equivalent of a securities fraud notice in other jurisdictions.
Generation Zoe was a smart-contract Ponzi cycler. The scheme collapsed following a crackdown by Argentine authorities last month.
Generation Zoe’s founder, Leonardo Cositorto, fled Argentina and is wanted by Argentine authorities.
As of February 23rd, Cositorto is believed to be hiding in the Dominican Republic.
Argentine authorities claim an international arrest warrant has been issued through Interpol.
In a blow to Colombian victims of Generation Zoe, the SFC has clarified that in addition to the company operating illegally in Colombia, they have no intention to regulate it.
The products associated with this model are hosted abroad and, therefore, are outside the jurisdiction of the SFC.
This means that recovery of stolen funds from local promoters is all but impossible within Colombia.
This is of particular significance, as Alexa currently ranks Colombia as the top source of traffic to Generation Zoe’s website (35%).
At time of publication Generation Zoe was still online. Pending his arrest, Leonardo Cositorto has floated launching Generation Zoe 2.0.
Update 15th March 2022 – Leonardo Cositorto has turned up at a political rally in Colombia. Authorities have not yet arrested him.
There’s an amazing interview with one of Colombia’s Zoe Leaders. The journalists asked the questions (and confronted the blunt lies spewed by the Zoe guy) that no one from Argentina asked during the 5 or so interviews with Cositorto.
Highlights, the Colombian “Leader”:
– was not able to explain how an “Educational organization” is offering a 7,5% monthly return on “A variety of investments”
– didn’t know what to say when he was told that “Zoe” and Coaching organizations are not allowed to offer educational programs/courses in Colombia
– refused to tell the name of Zoe’s legal agent in Colombia (in the end he hesitantly appointed James Spector as the Manager at Bogota’s office)
Follow the money!
Well, The leaders of Zoe in Spain create companies in the same address in London where dozens of Spanish companies accumulate.
Daniel Paterna (from Elda Spain), and the argentinians Edu Ruiz and his daughter Macarena have registered sole proprietorships since Cositorto’s company began to be accused of pyramid fraud.
from the Article
Zoe Spain in dire straits:
We want our money!
Although they claimed to have “quantum security” (sic) 4500 contracts were leaked
And last but not least: Zoe is gone, Zoe 2.0 crashed before take off, long live Sunrise, Cositorto’s last ponzi endeavor
At this point it’s pretty obvious an arrest is the only thing that’s going to stop Cositorto.
How long does an Interpol arrest warrant take to execute? Or is the Dominican Republic dragging its feet again.
that’s a good question since on a daily basis Cositorto continues his “$100 coaching sessions”.
Some people think that Cositorto is no longer hiding in the Dominican Republic, and it is a plan to mislead the authorities (and he’s actually hiding somewhere in South America, like Venezuela).
Cositorto once again blamed the “Bad PR campaign” and he went as far as saying that two South American Companies (An Amazon like argentinian company and a local payment system) were “the people behind the attacks”
So it seems that Cositorto is in Colombia:
Bye bye zoe Spain:
James Spencer is nowhere to be seen: