Convicted cryptocurrency platform Arbistar founders handed prison sentences of eight and six years for fraudulent activities
In a landmark ruling, a Spanish court has sentenced Santiago Fuentes Jover, the founder of the crypto platform Arbistar, to eight years in prison for fraud and document falsification. The court found that Fuentes Jover defrauded around 200 million euros from approximately 32,000 investors in the crypto space.
Fuentes Jover's partner, Diego Felipe Fernández Nojarova, was also sentenced to six years in prison for the same crimes. However, both men were acquitted of the crime of criminal organization.
The court's ruling states that the promised 'community bot' on Arbistar was non-operational, simulating a purely fictional legal relationship. When several investors requested the recovery of their investment, the platform stopped operating and prevented the withdrawal of funds. As a result, a total of 9,494 individuals are included in the prosecution's list of affected individuals.
The court acquitted four other accused of the crimes of fraud, document falsification, and criminal organization. The reasons for the acquittal include a lack of proven relevant relationship in the management of the 'community bot' or a lack of knowledge of the destination of the bitcoins delivered by clients to Arbistar.
The website used for Arbistar's fraudulent activities has been permanently closed. The convicted parties, Fuentes Jover and Fernández Nojarova, must compensate the affected individuals in the amount of civil liability and return the bitcoins transferred to Arbistar. The ruling states that the two convicted parties must return the bitcoins transferred to Arbistar in a quantity still pending execution of the sentence.
Arbistar was a crypto platform that used presentations and public events in hotels or conference halls, disseminated through YouTube, to attract investors. The prosecution requested a total of 29 years and nine months in prison for Fuentes Jover, but the rest of the accused have been acquitted.
In a separate case, Fernando González was sentenced in Spain to more than six years in prison for defrauding around 200 million euros from about 32,000 investors in connection with the crypto platform Arbistar and for creating false documents.
The magistrates have ruled out the crime of criminal organization, proving the participation of only Fuentes Jover and Fernández Nojarova. The court's ruling marks a significant step in holding those responsible for crypto fraud accountable for their actions.
