The Comision Nacional del Mercado de Valores of Spain has issued a warning against Trust Investing for securities fraud.
According to the CNMV’s warning from April 4th, Trust Investing
is not authorized to offer the financial services, including investment advice, listed in Article 140 of the Spanish Securities Markets Act.
In other countries, this would be the equivalent of a securities fraud notice.
It is noteworthy that the domain “trustinvesting.github.io” for the Trust Investing website is included in the CNMV’s warning.
A GitHub repository serves as the “host directly” for this GitHub Pages website. Since Trust Investing’s old website is still accessible at “trustinvesting.com,” I’m a little perplexed.
The GitHub Pages website may have been created by an affiliate, in my opinion. On the GitHub Pages website, there is a “starts now!” button in the upper right corner.
When you click on it, it seems to take you to a faulty affiliate referral link on the main Trust Investing page. Trust Investing may have closed the affiliate’s account in response to the CNMV’s fraud alert.
The GitHub Pages site is still live, though, which begs the question.
In any case, Ruslan Concepcion’s arrest in Cuba in April 2021 led to Spain’s Trust Investing alert.
Concepcion (right) was detained as she tried to board a flight to Russia.
In October 2021, Concepcion was freed by Cuban authorities; I was unable to confirm the status of his case at the time.
Recent Facebook updates by Concepcion indicate that he is still in Cuba.
Cuba accounted for 44% of website visitors at the time of Concepcion’s arrest for Trust Investing.
According to SimilarWeb, Trust Investing’s website traffic will increase again in 2022:
Since then, recruiting for trust investing has halted in Cuba. Brazil (17%), Italy (12%), Colombia (9%), and Peru (8%) are currently supplying investorswitho the Ponzi scam.
Diego Chaves is the CEO of Trust Investing (right).
After receiving a warning from the CNMV, Chaves erased his social media accounts.
We believed Chaves was a resident of Spain when BehindMLM examined Trust Investing in July 2020. It’s unknown if he’s still in the nation now that the CNMV has issued a warning.
Updated on May 30, 2022 – After writing this piece, I did a little additional digging and discovered that Trust Investing failed last year.
The seven-month exit scam has been going on at the time of this update.