Questra

Questra World emerged claiming to be an advertising broker for an investment fund named Atlantic Global Asset Management (AGAM). The company, led by CEO José Manuel Gilabert, presented itself with Spanish management, despite its predecessor, Questra Holdings, having Russian roots. It promised investors exceptionally high weekly returns, sometimes up to 6.47%, by investing in activities like IPOs and corporate rehabilitations. The business model relied on a multi-level marketing (MLM) structure, where affiliates earned commissions by recruiting new investors. This structure, combined with the unusually high promised returns, quickly raised red flags. Financial regulators across Europe, including those in Belgium, Austria, Poland, and Spain, began issuing warnings against Questra and AGAM, stating they were not licensed to provide investment services and exhibited clear signs of a pyramid or Ponzi scheme. The significant event for Questra was not a funding round or an IPO, but a collapse. As regulatory pressure mounted in Europe, the company struggled to pay its promised returns, which relied on the inflow of new investment capital. In 2017, Questra World suspended affiliate ROI withdrawals, effectively imploding. The operation then attempted to reboot under new names like Five Winds Asset Management and Asia Trade Group to target investors in Asia, but the core issues remained. Key figures like Pavel Krymov were later arrested in connection with the scheme.