Jorge Sebastiao, CEO of Nimbus, gives a lesson on “helping people” after being accused of defrauding 136 million euros in Spain
A cryptocurrency guru whose company has been denounced for scam before the National Court picked up an award in Dubai this week. Jorge Sebastiao, CEO of Nimbus Defi, spun a speech of “helping millions of people” in the emirate, despite the fact that his firm is accused in Spain of stealing some 136 million euros from hundreds of people.
This has been denounced by sources in the digital currency sector, who have warned of the “scandal” that, according to them, means that Jorge Sebastiao has been awarded in the United Arab Emirates this week despite having been denounced in Spain. Not only that, but a court has been inhibited before the National Court because he sees evidence of crime in the conduct of the company.
Awarded by the ‘blockchain’
Jorge Sebastiao is the CEO of Nimbus Defi, a cryptocurrency investor. The financial company’s own website still cited him yesterday as the top person in charge. In his post, Sebastiao traveled the day before yesterday and yesterday to Dubai (United Arab Emirates) to give a conference on blockchain.
The event was organized by the AIBC, which is touted as the world’s largest emerging technologies event. Sebastiao, from Nimbus, was one of the guests or keynote speakers. What’s more, during the first night he received a lifetime achievement award from him. Upon receiving the distinction, the manager ended his speech by assuring that he endorsed a phrase that says that “a millionaire is one who is capable of building something that helps a million people.”
Lawyers: “It is surprising.”
In conversation with this medium, Carlos Aránguez, from Aránguez Abogados, a law firm that represents the alleged victims of Nimbus, has assured that “it is surprising” that “someone rewards Jorge Sebastiao or any other senior Nimbus official, because this company is denounced for fraud in Spain “. Aránguez has admitted that “there are no precautionary measures imposed against Nimbus or its directors”, but has regretted that the AIBC jury does not “look at the news on Google, even if they are in Spanish” and, with this, refrains from recognizing the controversial executive.
What does your firm accuse Nimbus of? “We represented clients who invested up to 135.8 million dollars in cryptocurrencies through Nimbus, and this company exchanged them for tokens without value in the market,” recalls the lawyer. The case ended up in the Court of Instruction number 4 of Huelva, which was inhibited before the National Court when it appreciated “criminal evidence.” In parallel, the National Securities Market Commission (CNMV) already warned in November 2020 that Nimbus Defi “is not authorized” to provide investment services. It was after the first complaints for breaching payment commitments.
Alleged millionaire scam
The judicial accusation that weighs on the intermediary is serious. Hundreds of those affected, which could be up to 4,000, invested in crypto assets with this company based in Malta. However, it is suspected that Nimbus, led by Jorge Sebastiao, did not return the promised returns of between 7% and 15% to its first clients, but paid them the interest with the capital contributed by the following clients. And so on.
The figure of 135.8 million euros is not a journalistic license nor is it provided by the prosecution as part, but comes from a forensic report prepared by the Civil Guard and incorporated into the case. In fact, the firm was founded in January 2020 and by the end of the year it had already defaulted on its payment commitments. In addition to Sebastiao, the award-winning manager in Dubai, Andrea Zanon, director, secretary, legal and judicial representative and sole shareholder, and Javier García Madruga appear as representatives of the brand. Zanon is a former World Bank official.