Italy’s top financial regulator has declared Corsair Group illegal nationwide.
CONSOB’s declaration follows complaints filed by Italian resident Corsair Group investors, who together lost €440,969 EUR.
This in turn prompted CONSOB to initiate discussions with Corsair Group and CEO Jussi Veikko Saloranta in July 2021.
Those enquiries were prompted by complaints filed by Italian Corsair Group
CONSOB ties Corsair Group to Italy through
the names of two citizens of Italian nationality, defined as “EXECUTIVE COORDINATORS for Italy”.
Corsair Group’s two Italian Executive Coordinators are Andrea Cerio and Roberto Frezza.
On social media, Andrea Cerio refers to himself as a “Global Influencer”:
Roberto Frezza cites himself as “Head of Italy at Corsair Group International”:
CONSOB’s investigation provides insight into Corsair Group’s convoluted shell company investment scheme.
Socium Bangkok Company Limited – a company based in Thailand – issued an unspecified quantity of shares in order to find resources to finance the implementation of the “Bangkok” project in Thailand.
The shares were bought by Socium Development Company Limited, renamed Corsair Development Company Limited, who then resold part of the shares in question to the investors with whom it signed the contracts, collecting the sums paid by them.
Corsair Slovenia BV, renamed Corsair Slovakia BV, issued an unspecified number of shares in order to find resources to finance the implementation of the “Slovenia” project.
The shares would have been subscribed by Corsair Europe Holding BV The latter then resold part of the shares to the investors, collecting the sums paid by them with which it signed the contracts.
Mr. Jussi Veikko Saloranta appears in the share purchase agreement relating to the “Bangkok” project as ” Director and CEO” of Socium Development Company Limited.
In relation to the “Slovenia” project, Mr. Jussi Veikko Saloranta is the CEO of the companies Corsair Slovenia BV (issuer of the shares) and of Corsair Europe Hoding BV (offeror of the shares).
In the copy of the ” Certificate shares” – relating to the shares issued by Corsair Slovenia BV subscribed by the investors – it is indicated that Mr. Jussi Veikko Saloranta is ” director of Corsair Group International”.
As part of their communication with CONSOB, in August 2021 Corsair Group falsely stated Corsair Group International “had not yet been established”.
Corsair Development Company Limited (formerly Socium Development Company Limited based in Thailand) and Corsair Europe Holding BV (based in the Netherlands) to which the website corsairnow.com is linked, would therefore have subscribed the issued shares, respectively, by Socium Bangkok Company Limited and Corsair Slovenia BV with a view to relocating them to the public of savers through (at least as regards the Italian market) remote communication techniques such as interaction through the website corsairnow.com.
Long story short, Corsair Group pitched its fraudulent investment scheme to Italian investors. And so here we are.
Having confirmed Corsair Group is marketing an investment scheme, on January 28th CONSOB concluded;
Corsair Group are not authorized to provide investment services.
(Corsair Group’s) operation in question is configured as a professional exercise towards the Italian public of investment services in violation of art. 18, paragraph 1, of the TUF.
As I understand it, CONSOB has further ordered Corsair Group’s website be blocked in Italy.
Corsair Group has 60 days to appeal the decision.
A visit to Corsair Group’s website suggests traffic has collapsed. This would in turn suggest the opportunity itself has collapsed.
Corsair Group is what’s left of the Frank Ricketts’ failed Cloud Horizon Ponzi scheme.
Ricketts is currently on trial in Germany for OneCoin money laundering offenses.