The Money Shelter scam scheme in Argentina

The Money Shelter scam that ruined thousands of Argentines under a Ponzi-style pyramid scheme has come to an end.

Every year, scams look for ways to reinvent themselves and take advantage of emerging business models.

The scams of the 21st century are hidden under false promises of wealth and investments with high profits in the short term.

In this sense, the trader Yago Nahuel Escobar, who gave financial advice through Tik Tok and Youtube, was arrested a few days ago by the PFA at his girlfriend’s house, in San Luis, after being on the run for seven months.

Escobar led the Money Shelter scam in Argentina.

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Trader Yago Nahuel Escobar did not operate alone, his arrest is the tip of the iceberg of a case that investigates a structure, formed by four friends, accused of setting up an illicit association to commit a Ponzi-style pyramid scheme.

“Our accounts audited and growing while we travel around the world”, they boasted on social networks about the soaring numbers managed by the alleged investment firm.

The prosecutor María Gabriela Urrutia, in charge of the UFI N°10 of General Rodríguez, and the secretary Sebastián Tacchini, in charge of the investigation, point out Ivo Bertolone, considered the leader of the structure, Camila Bertolone; Agostina Biagioni and, finally, Escobar as the authors of the maneuver.

All four had clearly defined roles in the Money Shelter scheme.

The Money Shelter scam scheme in Argentina

The firm, which did not have the endorsement of the Central Bank of Argentina, promised returns with extraordinary profitability, through investments in the U.S. Stock Exchange and investment funds.

Always under misleading promotions, the Money Shelter scam was aimed at attracting capital from individuals, according to the accusation, knowing that they would not be able to comply with the agreed commitments: a 5% monthly interest in dollars.

“There is a better option than a fixed term. Your savings safe and on the move,” the Money Shelter scam model claimed in another promotion on LinkedIn.

The money was not invested in those places, but, supposedly, in a company called Adhemar Capital S.R.L. from the province of Catamarca.

This company, detectives determined, is another firm also under investigation for an alleged large-scale scheme.

Although the number of victims has not been established, there are more than 1,000 victims, according to sources involved in the case.

The investigators in charge of the case, however, prefer not to quantify the number of people affected by the Money Shelter scam.

Both Ivo and Agostina are still fugitives and have an international arrest warrant in force; Camila was arrested, released and is still tied to the process.

Meanwhile, Escobar is waiting to be transferred to Buenos Aires to be questioned.

The trader is the one who still has the most exposure in social networks, where he offered courses and promised “financial freedom” with this Money Shelter scam.

The Minister of Security, Patricia Bullrich, unveiled the capture on her social networks on Tuesday. “Catch me if you can, and we caught him,” she said in reference to Escobar.

The four involved tried to erase any trace of their identities in the digital world and closed their accounts, however, Infobae managed to access some images that accompany this article.

Those responsible for Money Shelter invited potential investors to their offices in Núñez, CABA, who, in turn, were summoned by their clients.

There, they were received by the organization’s leaders. Others were involved in administration and network management, publishing photographs of ostentatious trips, holding parties where they gave away dollars and drove around in high-end cars.

The promoters uploaded videos of the inauguration of the office in the Buenos Aires neighborhood, decorated with pictures of banknotes, portraits of the character played by Leonardo DiCaprio in “The Wolf of Wall Street”.

Likewise, the toast with champagne among the young people involved and the image of a tree with dollars among its leaves can be seen.