Key facts:
The Justice Inspectorate wants to know the “real and effective activity” of ZOE.
According to ZOE’s lawyer, there is no scam if there is no victim.
Several companies linked to Zoe Capital —a company that has promoted the Zoe Cash token— are now under investigation by the General Inspectorate of Justice in Argentina.
As learned through a statement from the state agency Telam, the objective of the investigation is “to verify its real and effective activity”. In addition, it is intended to know “its social and contractual objective” and establish “the identification of its members and members of its corporate bodies, in all that legally corresponds.”
The companies to be investigated are Zoe Sidema, Zoe Capital, Zoe Burger, Zoe Construcciones, Zoe Empowerment, Generación Zoe, Universidad del Trading, Zoe Pizza, Zoe Pets, Transcend, Prioli Construcciones, Zoe Fitnes Gym and Fideicomiso Latam Zoe. All these companies belong to holding company ZOE business that is led by Leonardo Cositorto.
Advertising
This individual, who presents himself as a specialist in coaching ontological, he was an active promoter of the Zoe Cash token. As could be seen in several videos, he assured that, since January 1, the aforementioned cryptoactive could be exchanged for gold bars at the parity “one coin, one gram”, in various exchange centers.
This has not been the case and At the time of writing this article, each zoe cash is trading at $0.09. The figure is considerably less than the USD 58 at which a gram of gold is quoted.
As CriptoNoticias has reported, parity with gold would occur, according to Cositorto’s promise, based on the exploitation of mines of that precious metal supposedly acquired by ZOE. But, according to the text of a complaint made by the NGO Bitcoin Argentina, neither the CEO nor the companies of the Zoe Group would have appeared before the Jujuy Mining Secretariat to request the concession of a mine.
Francisco Oneto, in defense of ZOE
Faced with the complaint for possible fraud, ZOE hired the Argentine criminal lawyer Francisco Oneto for his defense. In a space from twitter in which he participated days ago, the lawyer argued that one cannot speak of a fraud if there is no victim.
For the also lawyer Carlos Maslaton (former treasurer of the Xapo company), “Oneto’s argument defending zoe cash that there is no harm done when a Ponzi is set up and it does not burst is incorrect.” According to Maslatón, “there is even macroeconomic damage when the results of the ‘investment’ are falsified” because “the public interest is compromised.”
ZOE companies continue their activities
In the midst of the media hype that puts ZOE in the center of attention, the companies of this business group continue their activities.
Of course, from the websites they have removed details regarding the investment system -or, as they call it, “educational memberships”-. Previously, a fact that was detailed by this means, there it was promised “to obtain monthly returns in dollars”, which were achieved through investment in “various items such as: capital markets, foreign exchange, tradingair taxis, football teams and other businesses.
As of today, the website zoe.smile.com, it only indicates that it is “the only company that pays you dividends while you study”. On the other hand, the page zoelatam.com.ar indicates that the company “pays you month to month for it [por estudiar en la escuela de coaching] so that you can capitalize and gain peace of mind starting today».