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?
