The accusations deal with the crimes of fraud and illicit association. An arrest warrant got ordered for eight associates of Cositorto.
The prosecutor’s office of the province of Córdoba in Argentina issued an international arrest warrant against Leonardo Cositorto, promoter of the Zoe Cash token and CEO of Generación ZOE, who got charged last week for alleged fraud.
The capture of eight people connected to the organization hat got accused of operating under a pyramid scheme was also ordered. Gabriela Álvarez was arrested from this group, while Maximiliano Javier Batista is still being sought, registered in the AFIP games of chance category, and the partner of Zoe’s leader.
The rest of the defendants are people from the Cordoba city of Villa María, including Silvia Rosa Fermani, who organized meetings of “women leaders” to incorporate them into Zoe’s plan. Claudio Javier Álvarez, Silvina Verónica Abellonio, Silvio Eduardo Shamne, Ivana Analía Álvarez and Florencia Anahí Álvarez remain fugitives.
The authorities then started the search of possible headquarters of Generación Zoe, which had been closed since yesterday, according to what was reported by digital media in Argentina. The investigations began earlier this month due to multiple allegations of fraud, and last week, federal prosecutor Eduardo Taiano charged Cositorto with alleged fraud maneuvers.
A Smear Campaign against Generación Zoe
Curiously, the CEO of Generación Zoe published a tweet. He ironically points out that the Zoe Cash token has continued to rise, despite the news circulating. He also highlighted via YouTube that it was all a smear campaign against him. Supposedly he is outside of Argentina, and until now, his whereabouts are unknown.
On the other hand, a file appeared due to a complaint made by an individual about the alleged fraud. The complaint highlighted that the main goal of the holding company was to catch the interest of young and adult people in risky economic situations with promises of gaining vast wealth without needing to work, just by setting up an investment of at least $1,000.
Cositorto presented himself as a specialist in ontological coaching and promoted the Zoe Cash token. It also assured that, from January 1, the crypto active could get exchanged for gold bars at the parity of one coin, one gram, in various exchange centers.
Cositorto and his team promised monthly returns in dollars, which got supposedly achieved through investment in various areas such as capital markets, foreign exchange, trading, air taxis, football teams, and other businesses. However, customers have been complaining about delays in utility payments.
Previously, various reports highlighted a complaint made by the NGO Bitcoin Argentina, which indicated that neither the CEO nor the companies of the Zoe Group had appeared before the Jujuy Mining Secretariat to request the concession of a mine, which proved that the gold to back Zoe Cash never existed.
Cositorto got disqualified by the Securities Commission of Argentina; Generación Zoe got investigated in Paraguay and Colombia. On the other hand, an international warning made its appearance on the IOSCO site, which is the international entity that unites all the world’s capital market regulators.
By: Jenson Nuñez
