Envestio & Kuetzal (scams update): Time to Make your Claim

S4F Risk Management Scams
Envestio & Kuetzal bankruptcies have been declared. Trustees appointed, and now creditors should submit their claims. What to do? A double scam update for you.

Last January, Kuetzal and Envestio shutdown their fraudulent operations leaving a thread of criminal activity and money laundry which the full extent is still to determine. But there was one thing that the criminals behind both P2P platform frauds didn’t expect… investors came together to collect evidence, organize, raise funds, and push for justice.

An Army looking for Justice

I’m among the investors that joined together to find a way to fight back. One among hundreds that faced the cruel reality of seeing their savings disappeared into the pockets of “invisible” criminals. If you want to learn more about the Guillermo, the Spanish engineer that is the public face of the Army, check the recent interview to Explore P2P. The most important information is that if you are a victim and want to join the legal processes, there is a waiting list that you can find on the following links, together with more information on which particular case: Kuetzal, Envestio, Monethera.

It was because of the litigation promoted by these investor groups that bankruptcy proceedings have commenced for both Kuetzal and Envestio. And the bankruptcy was declared for both companies.

The Trustee Appointed

Andres Hermet was appointed the trustee to manage the bankrupt processes for both Kuetzal and Envestio. From now on, Andres will take charge of all efforts to assess the true extent of the criminal financial networks that profited from these frauds. It is clear that highly connected individuals and institutions are directly linked to these criminal actions and investors will not rest until these criminals face justice. So, if you are a victim, and did not join the Army, can you still present your claim?

Yes. Check how the process works.

Presenting an Individual Claim

Before considering this option, you need first to assess if you have all required documentation proof capable of supporting your personal claim. One aspect that is ignored by people when they consider the cost of joining a group action is the importance of guidance to help the efforts to collect the right set of documents that are necessary to proof their claims in court.

If you believe that you have all you need, then is time to contact the trustee over email ([email protected]) in order to request the claim forms. Some people believe that they don’t need to do this step because someone else already have the necessary forms and shared them. That is all good, however, you need a “paper trail” of you claim with the trustee and the initial email is the trigger for the entire process.

Once you send the email, expect a reply such as this:

“Dear Creditor,

I am writing on behalf of bankruptcy trustee Mr. Andres Hermet.

As of June 03 2020 with the order of Harju County Court the bankruptcy of Envestio SI OÜ has been declared. Andres Hermet has been appointed as the trustee in bankruptcy. Creditors are required to submit their claims against Envestio SI OÜ not later than 03 of August 2020.

Attached you can find bankruptcy notice, a claim form for submitting your proof of claim and guidelines which provide instructions for completing the form.

Here is a link for Commission Implementing Regulation (EU) 2017/1105 of 12 June 2017 establishing eferred to in Regulation (EU) 2015/848 of the European Parliament and of the Council on insolvency proceedings, of which the forms follow from. It will help you review the form in your own language, which will help you complete the attached form.

Creditors claim and substantiating documents shall be submitted with an appropriate translation either in Estonian or in English.

Please submit your proof of claim, a copy of Your identification document which has Your signature and payment statements which show that you have transferred money to Envestio SI OÜ to the name of the trustee, Andres Hermet, Roseni 7, 10111, Tallinn, Estonia by post or e-mail with signature [email protected] or [email protected].

You are required to confirm in writing that you have received this notice.


Bankruptcy trustee’s office”

Envestio Bankruptcy Notification from trustee’s office

Again, make sure you send a reply back acknowledging the reception of this notice for your paper trail and read carefully the information attached to the message.

What should be in the attachment?

As soon as you have your claim form ready, submit all information to the trustee. The deadlines for filling in and sending the claims are 03.08.2020 for Envestio and 08.08.2020 for Kuetzal. Make sure to comply with these deadlines.

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What to expect next?

Unfortunately, not much. Let’s put ourselves in Andres Hermet shoes for a minute. He’s legally mandated to collect all claims from every single victim that is capable of providing proof, but the cruel reality is that, once all assets are assessed, processed and evaluated… any fund that can be recovered will be distributed based on claimant amount. This is why having an Army, composed by hundreds of investor claims becomes the driver of any compensation evaluation.

When you join a group action, you release your individual claim in favor of the entity that represents the interests of all involved. By doing so, you are creating the biggest claimant that will work, support the investigation and negotiate directly with the trustee.

Not the description you were looking for, right?

By filling your claim, you are contributing to push investigators, judges, and politicians to act and seek justice. If you just stay quiet and in silence it will be more difficult to bring these criminals into the light. Another important impact of your action is the international exposure of political failure in Baltic countries, that in time could trigger more strict regulatory oversight and impose investor protections in the P2P lending industry.

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Taking into consideration everything discussed above, the sad reality is that if you, as an investor, wish to see justice done and push for the recovery of part of your investments, the legal action currently being managed by Guillermo is your best option.

And all of us should be impressed how the power of the crowd can be coordinated based on a single objective: justice. I don’t believe neither Kuetzal or Envestio puppet masters imagined such blow back. I just hope they have problems sleeping at night knowing that sooner or later the Army will catch them.

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