Trust Investing securities fraud warning from Spain
Trust Investing has received a securities fraud warning from Spain’s Comision Nacional del Mercado de Valores.
As per the CNMV’s April 4th warning, Trust Investing
is not authorised to provide the investment services detailed in Article 140 of the Spanish Securities Markets Act, which include investment advice.
This is the equivalent of a securities fraud warning in other jurisdictions.
Of note is the Trust Investing website domain cited in the CNMV’s warning; “trustinvesting.github.io”.
This is a GitHub Pages website, “hosted directly” from a GitHub repository. I’m a little confused here, as Trust Investing’s original website is still up at “trustinvesting.com”.
I suspect the GitHub Pages site might have been set up by an affiliate. At the top right of the GitHub Pages site there’s a “starts now!” button.
Clicking that appears to redirect to a broken affiliate referral link on Trust Investing’s actual website. Perhaps, in light of the CNMV’s fraud warning, Trust Investing has terminated the affiliate’s account.
But then I’m not sure why the GitHub Pages site is still up then.
In any event, Spain’s Trust Investing warning follows the arrest of executive Ruslan Concepcion in Cuba in April 2021.
Concepcion (right) was arrested attempting to board a plane bound for Russia.
Concepcion was released by Cuban authorities in October 2021 – I wasn’t able to verify the current status of his case.
Based on Concepcion’s recent FaceBook posts, he appears to still be in Cuba.
At the time of Concepcion’s arrest, Cuba made up 44% of traffic to Trust Investing’s website.
SimilarWeb shows a renewed uptick in traffic to Trust Investing’s website throughout 2022:
Trust Investing recruitment in Cuba has since slowed. Brazil (17%), Italy (12%), Colombia (9%) and Peru (8%) are now feeding investors into the Ponzi scheme.
Trust Investing is headed up by CEO Diego Chaves (right).
Following the CNMV’s warning, Chaves has deleted his social media profiles.
When BehindMLM reviewed Trust Investing in July 2020 we suspected Chaves was residing in Spain. Whether he’s still in the country following the CNMV’s warning is unclear.
Update 30th May 2022 – After a bit more poking around, after publishing this article I learnt Trust Investing collapsed last year.
As at the time of this update, the seven-month long exit-scam continues to play out.
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