In Spain, such illegal unregistered investments, basically HYIP, are known as chiringuito financiero or "financial snack bars". Chiringuito is an open air snack bar often found on Spanish beaches serving snacks and drinks where you order from a counter and find your own seats. Some are even mobile on a tricycle. Thus, a chringuito financiero is a ramshackle unregistered investment, often without even a physical presence, and only exists via phone calls, email, and websites. And USFIA (AFG / Gemcoin) was identified as a chringuito financiero.
Normally that's hardly noticeable, as the commission issues dozens of warnings every year. However, one of the comments was quite interesting, on a newspaper called "ValenciaPlaza".
Translation: Israel G. Gomez wrote That is not the website of USFIA. I see they have contrasted the news and have little idea of what they say, deplorable!
So what website was CNMV talking about? "Usfiamlm.com"
FWIW, usfiamlm.com is now a parked Godaddy domain. Well, if it wasn't guilty, why is it parked so early? It's not as if Guardia (Spanish Police) raided it, right?
If we check the Wayback Machine... They do have an archive as of October 5, 2014. I've provided a quick translation.
There is no doubt that this is *the* USFIA, the one related to amber and Gemcoin. But just in case you're NOT convinced, here's what "Why USFIA" says:
In the order they are encountered:
"holding company called AFG (Alliance Financial Group)"
"with a bank in Malaysia, that in the past year paid out 1.5 billion to the beneficiaries"
"Mr. Chen"
"with Mayor of Los Angeles, Nixon's daughter, and ex-president of the US"
Interesting eh? 'mayor of Los Angeles' was clearly referring to John Wuo, who's ex-mayor of Arcadia, a suburb of Los Angeles.
Thus, there's no doubt that this was referring to AFG / USFIA / Gemcoin, the scam that was kicked out of China and chased all the way to Thailand by Chinese police.
The actual website does not matter. Indeed, by retiring the website, the scammers may have cut off one trail that's "easily accessible".
But it's clear that the Spanish authorities knew EXACTLY who they were warning against.
Whoever this Gomez is... he's in denial.
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