Arbistar founder Santiago Fuentes, serial Ponzi scammer has been arrested in Spain.
Spanish authorities have charged Fuentes with “belonging to a criminal organization” and money laundering.
The platform was a run-of-the-mill crypto “trading bot” Ponzi scheme. When I did a review, the Ponzi scheme had already been rebooted to 2.0 and collapsed as well.
Arbistar 2.0 collapsed on September 14th. To dissuade investors from reporting him to authorities, Santi Fuentes proposed a bullshit refund scheme.
Thankfully it seems enough investors did report Fuentes, leading to his arrest.
Santiago Fuentes, administrator of Arbistar 2.0, a company dedicated to arbitration between bitcoin currency markets, has been arrested in the south of Tenerife, sources from the National Police have told Efe this Thursday .
The arrest of Santiago Fuentes has been carried out a month after at least a hundred investors affected by the blocking of their funds by Arbistar 2.0 announced that they would file a class action lawsuit for fraud against the company’s administrator.
Santiago Fuentes has acknowledged that some 32,000 people are affected with investments of 10,000 bitcoins (108 million euros), and has denied that it is a scam, as he says that the blocking of funds from his clients is due to a computer error.
The company of which Santiago Fuentes is the administrator is based in Tenerife, where it is attached to the Canary Islands Special Zone (ZEC), with advantages in corporate tax. EFE
As provided by Fuentes himself, Arbistar had around 32,000 investors who collectively have lost ~10,000 BTC (currently ~$129 million USD).
Stay tuned for any update.
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