Argentina: Leonardo Cositorto declares himself innocent in trial for fraud with zoe generation

Now that the trial for scam with cryptocurrency resumes, the founder of Zoe generation He denied having fled and justified his presence abroad at the time of his capture.

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• Cositorto declared that he was not a fugitive and that he was the victim of a media campaign
• Defends the legality of Zoe generation Despite testing of the Ponzi scheme
• The victims invested in “Zoe Cash” With promises of high returns never fulfilled
• The case shows that care must be taken and identify the risks before investing in any project

The CEO and founder of the stove known under the name Zoe generation, Leonardo Cositorto, declared himself innocent in the trial against him, in which he is accused of fraud with cryptocurrencies.

Cositorto insists on his innocence

According to reports presented by various media, Cositorto said during his speech at the trial which was unfairly arrested in the Dominican Republic in 2022, and described such actions as a “Campaign against him” orchestrated by detractors and judicial authorities.

According to the defendant, his business, Zoe generationconstituted a legitimate initiative whose operations were totally transparent. He also insisted that the cryptocurrency offered, known as “Zoe Cash”It was not any type of fraud, rejecting the signs of pyramidal scheme against him.

During the legal process, Cositorto lawyers requested withdrawing the charges against them, claiming that the ongoing investigation presents important irregularities. Such request was dismissed by the Court, so the one involved must give continuity to the dispute before the respective instances.

The scam of Zoe generation

As such, Zoe generation It was a project that was born in Argentina and reached other countries, constituted under the figure of a controversial investment group managed by Cositorto, who described himself as “ontological coach.” The investigations revealed that it was a business model similar to a pyramid scheme, which offered a allegedly backed cryptocurrency in gold, which in turn would derive greater profits if users brought other people interested in investing.

At the time, the Argentina Bitcoin NGOs filed a complaint with the General Procurement of the Nation (PROCELAC)in which he pointed to Cositorto and the investment group for carrying out scam crimes, collection of unauthorized public savings and market manipulation. This accusation also coincided with the actions undertaken by the National Securities Commission (CNV)which reported in mid -January that he was already conducting a formal investigation against the company and its main figure for the aforementioned positions, which also extended to the organization called University of Trading SA.

The investigation in question determined that Cositorto He incurred scam crimes, illicit association and other positions, so Argentina’s authorities requested support from Interpol To find its international capture, which was completed at the beginning of 2022 in the Dominican Republic. The investigation bodies also found the capture of some accomplices, as is the case of Maximiliano Batista, second in command of Zoe and partner in several of the plot companies, and Silvia Fermani and his son Claudio Álvarez, main figures of the company in Villa María, Córdoba.

As for the modus operandi, who participated in Zoe generation deposited money with the expectation of receiving rapid profits, promoted by a motivational and spiritual coaching speech led by Cositorto. Certain investment plans were offered, but these were conditioned to permanence clauses that extended even for years.

As the investigations advanced, it was clear that the benefits were paid to initial investors with funds from new participants, replicating the typical pattern of a Ponzi scheme. The structure collapsed once the collection of money slowed.

In February 2023, Cositorto received a sentence for scam and illicit association, related to 98 affected investors. Although some coimputed were acquitted due to lack of evidence, the causes against the CEO of the project continue their course in various jurisdictions.

For now, the case against Cositorto continues in court, but the facts show the scope that scams that operate under the figure of yield programs with cryptocurrencies can have.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

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