carolus
Member of DD Central
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Envestio
Jan 22, 2020 12:50:32 GMT
via mobile
Post by carolus on Jan 22, 2020 12:50:32 GMT
Their main site is hosted at Azure and is offline, but the blog, hosted with a different company (Host Europe GmbH), is online. Does anyone know if they were always like that, or did one of these get moved to different hosting recently? The blog is now down too. In addition, at least one of the people involved in Envestio has deleted all their social media profiles overnight.
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Post by southseacompany on Jan 22, 2020 15:30:06 GMT
Seems clear now that fraud has taken place. My understanding (which could be wrong) is that while Kuetzal had nothing but fake projects, Envestio did in fact lend money to actual companies, at least in some projects. Some of them, like Tukums and Merkurs-Rigante, are even relatively large. If that is accurate, there should be loan assets to enable investors to recover some funds. (I'm not suggesting a 100% recovery is possible.) This might entail a lengthy liquidation process. Of course, I'm just speculating since we have no details to speak of.
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Post by wiseclerk on Jan 22, 2020 15:34:48 GMT
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Post by gmaxkenny on Jan 22, 2020 16:58:03 GMT
Seems like the problem might be causing a run on some other platforms. I got this email from Wisefund a company I joined but did not invest in. It does not sound very reassuring
Statement from Wisefund Dear Wisefund user, Wisefund and our team, we are confident in what we do and how we do it, the history of our work, and we intend to keep it this way and prove our place in the industry. Due to certain circumstances that accrued yesterday within the crowdfunding sector, Wisefund is experiencing a large amount of early-exit requests from many of you. During Kuetzal collapse, there were no significant issues Wisefund experienced except slightly slower pace of funding, but since yesterday when Envestio website is not accessible anymore, there's a hype in early-exit requests which causes certain administrative burden towards us, financial and administrative burden towards our partner, and certainly slows down our daily work. Wisefund is confident of its loan management system, the loan management process, the relationship with borrowers, the vast amount of work we've done within the team to create the onboarding process and keep it in terms with each application; we have a very strong loan agreement in place with borrowers, and there's never been intention from anyone of them to speculate and show signs of no repayment. Unfortunately, due to the panic lenders forget that they entered into contractual relationship issuing a loan for certain period of time, and contractual relationships should be honored, whereas the early exit option is actually meant for people who are ready to bear the early exit fee because they really need that money, instead of just running away from obligations they entered. Simple example, how would you feel if for no reason your local bank would request an immediate return of your mortgage? Even though the guarantee from Wisefund offers to cover loans that are defaulted, there are none of the current active loans that show signs of default, all payments are made on time, and we work hard to keep it this way, and will continue to do so. Unfortunately, many of you currently don’t value contractual relationships and request an early exit from their loans without specific reason simply due to happenings that are not dependent on Wisefund or its borrowers and have no relation as well. Wisefund is not planning to request back the money from borrowers before the contractual terms and will continue serving loans as per the payment schedule. For your information, from the very beginning, Wisefund had guarantee agreement under certain terms, and early exit option was not intended for everybody to use it, For now, after this statement, Wisefund will limit early exit requests until we take care of existing requests and receive confirmation the guarantee provider is ready to accept further requests. In the end, Wisefund values all parties involved through its business, lenders, borrowers, and partners who with their services allowed the portal to grow. And we tend to keep this value, honoring every side and will try to find the right balance for that. If you have any certain worries regarding Wisefund activities, please express them writing to the Wisefund support team, and we'll reply to you in detail on each worry you have in the shortest possible time. Wisefund will take the opportunity to update lenders on each of the funded project development processes and further projections, although, this might take some time to deliver the information towards our valued lenders due to a higher amount of support and early exit requests. Looking forward to be your partner of choice in the future as well, On behalf of Wisefund, Ingus Linkevics, CEO If you have any questions, please reach out to [email protected] and we’ll be happy to help. Best regards, Wisefund Support Happy to help. Please reach out to [email protected] if you have any questions. Copyright © 2019 WiseFund Capital OÜ, All rights reserved. Our mailing address is: Väike-Ameerika tn 8 Tallinn Harjumaa 10129, Estonia Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.
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r00lish67
Member of DD Central
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Post by r00lish67 on Jan 22, 2020 17:05:34 GMT
So, in short, it's the investors fault that they're seeking to exit from a platform that offers a buyback guarantee, especially poor form since they're all very busy, and they should be ashamed for having done so as it wasn't meant to be a guarantee. Yet he also is "Looking forward to be your partner of choice in the future as well".
What a jackass.
Edit: I hear Monethera have also unguaranteed their buyback guarantee.
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Envestio
Jan 22, 2020 17:55:28 GMT
via mobile
Post by penguinz on Jan 22, 2020 17:55:28 GMT
So, in short, it's the investors fault that they're seeking to exit from a platform that offers a buyback guarantee, especially poor form since they're all very busy, and they should be ashamed for having done so as it wasn't meant to be a guarantee. Yet he also is "Looking forward to be your partner of choice in the future as well". What a jackass. Edit: I hear Monethera have also unguaranteed their buyback guarantee. Incredible this guy. You would think they would have stress-tested their business model to account for an increase in investors wishing to buy-back due to some external event (geo-political, industry news such as this, ect) rather than blaming investors who are making use of an exit option he should be looking into how to make his business model more robust. If this is the ‘voice from the top’, I have no interest in investing in Wisefund whatsoever.
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Post by carolus on Jan 22, 2020 18:01:50 GMT
So, in short, it's the investors fault that they're seeking to exit from a platform that offers a buyback guarantee, especially poor form since they're all very busy, and they should be ashamed for having done so as it wasn't meant to be a guarantee. Yet he also is "Looking forward to be your partner of choice in the future as well". What a jackass. Edit: I hear Monethera have also unguaranteed their buyback guarantee. Yes, I was rather "surprised" at the tone of that email. (I'm not involved with the platform myself). On demand Buyback guarantees are, of course, a recipe for disaster - even without a "run" like this, a platform would face demands for buyback as soon as a loan ran into trouble, and no platform is going to have reserves to pay back any loan that defaults, regardless of how many friendly Hong Kong investors(?!) they have supposedly bakcing it.
If Wisefund *are* a legitimate platform, I suppose suspending the buyback guarantee is a necessary step. But then I can see that if you were a setup along the lines of K or E, you might also see suspending BB as a good wheeze.
At least they haven't gone the full Envestio, I suppose. But this and other stuff still has me suspicious of them.
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Post by jmot on Jan 23, 2020 13:32:39 GMT
I am now almost sure that Envestios' managers and shareholders are performing an exit scam. There is no DDoS attack!!!
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Post by southseacompany on Jan 23, 2020 14:52:18 GMT
I think that is evident, not just from minor clues like the fact that the main site and the blog were taken offline at different times, but from the very obvious and glaring issue that the insiders have gone incommunicado. That can't be explained away with talk of a DDoS attacks.
Perhaps all of management were in on the scam, or perhaps only some of them were, while others were themselves duped (as Liene Meldere apparently claims). It will require an investigation to verify that.
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benaj
Member of DD Central
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Post by benaj on Jan 23, 2020 15:14:33 GMT
I think that is evident, not just from minor clues like the fact that the main site and the blog were taken offline at different times, but from the very obvious and glaring issue that the insiders have gone incommunicado. That can't be explained away with talk of a DDoS attacks. Perhaps all of management were in on the scam, or perhaps only some of them were, while others were themselves duped (as Liene Meldere apparently claims). It will require an investigation to verify that. It's weird. Not sure why one of the COO posted youtube video about the investment and even the adviser has met one of the blogger and the blogger's relative and had photos taken.
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Envestio
Jan 23, 2020 16:19:26 GMT
via mobile
Post by carolus on Jan 23, 2020 16:19:26 GMT
I think that is evident, not just from minor clues like the fact that the main site and the blog were taken offline at different times, but from the very obvious and glaring issue that the insiders have gone incommunicado. That can't be explained away with talk of a DDoS attacks. Perhaps all of management were in on the scam, or perhaps only some of them were, while others were themselves duped (as Liene Meldere apparently claims). It will require an investigation to verify that. It's weird. Not sure why one of the COO posted youtube video about the investment and even the adviser has met one of the blogger and the blogger's relative and had photos taken. Not weird at all. It helps generate publicity, and good news. And high profile bloggers get more signups, which brings in more money.
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Post by alistairb on Jan 25, 2020 1:17:40 GMT
To all Envestio victims: A large group of investors are in the process of engaging a lawyer in Estonia to represent them in this matter. If you want to join you can connect with this google form: forms.gle/F2Tk8MBaBjiUvAeC9For further information there is a new facebook group United investors of Envestio |
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fric
Member of DD Central
Posts: 199
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Post by fric on Feb 2, 2020 17:56:26 GMT
Just now I watched an investigative journalism piece on TV (in Latvia) about Envestio. It looks like its some kind of fraud - its not just the website, but also you can't find any of the people. They tried calling what I understood is an investment relations (or something along those lines) in Latvia - phone turned off. All the officially registered addresses in Latvia are fake and nobody has ever heard of any of the companies in question etc. Seems pretty bad... I'll add the video if it ever comes to youtube or such, but probably not much good if its in Latvian...
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k6
Posts: 142
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Post by k6 on Feb 2, 2020 19:26:10 GMT
Just now I watched an investigative journalism piece on TV (in Latvia) about Envestio. It looks like its some kind of fraud - its not just the website, but also you can't find any of the people. They tried calling what I understood is an investment relations (or something along those lines) in Latvia - phone turned off. All the officially registered addresses in Latvia are fake and nobody has ever heard of any of the companies in question etc. Seems pretty bad... I'll add the video if it ever comes to youtube or such, but probably not much good if its in Latvian... Its a lot going on at the moment with Envestio & Kuetzal. Could be one of the biggest P2P/P2B EU fraud so far. The investors get together from both platforms. There was a crowdfunding for lawyers for both platforms, similar to Ly & FS. Police involved. Its still fresh but it will definitely shake up the EU regulations regarding P2P.
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des
Posts: 119
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Post by des on Jun 8, 2020 19:28:11 GMT
Well, the bankruptcy proceedings have happened, and a bankruptcy trustee has been appointed by the court, I have emailed to get a claim form. Harju County Court Tallinn Courthouse publishes a notice on the basis of subsection 33 (1) of the Bankruptcy Act (PankrS). By court order of 03.06.2020 in civil case no. 2-20-3448, the debtor, Envestio SI OÜ (registry code: 14433607), was declared bankrupt on 03.06.2020 at 12:00. Andres Hermet was appointed bankruptcy trustee (address Roseni 7, 10111 Tallinn, phone +3725026408, e-mail [email protected]). The first general meeting of creditors will take place on 02.07.2020 at 10:10 in the Tallinn courthouse of Harju County Court at Lubja 4, Tallinn 10115, hall no. 3012. Creditors are required to notify the trustee in bankruptcy not later than within two months from the date of publication of the bankruptcy notice of all their claims against the debtor that arose before the declaration of bankruptcy, regardless of the basis for the claim and the term of the claim (§ 93 (1) of the Bankruptcy Act). Claims not submitted on time but recognized are satisfied in the last stage (§ 153 (1) 3) of the Bankruptcy Act). Only the trustee in bankruptcy may accept the performance of an obligation owed to the debtor belonging to the bankruptcy estate after the declaration of bankruptcy (§ 37 of the Bankruptcy Act). === Bankruptcy trustee Andres Hermet Validity of the insurance policy: BTA, 01.11.2019-31.10.2020 Harjumaa, Tallinn, Roseni 7, 10111 6645 137, 502 6408 [email protected] |
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