In this post I share recent Qoin activity in closing down multiple entities (and that included one bankruptcy) all done since I announced publication of my book The Qoin Con. I explain how the cover-up is underway – tracking this all the way back to the Executive of the industry body, IRTA. Exposure of the Qoin fraud is done here real-time in summary format, but my book gives details and the source documents. I recommend that interested parties in The Netherlands make complaints to the authorities (and I explain how to do this) and that the Board of IRTA should take undertake remedial action against their corrupt Executive who are still actively covering up the fraud.
Qoin is presented as a Dutch Foundation (similar to a Not-For-Profit or Charitable Trust) however it is actually a conglomerate of companies and foundations deliberately engineered from the outset to obfuscate the real purpose – personal enrichment of the two Directors, Rob van Hilten and Edgar Kampers.
Rob and Edgar have for several years claimed to be Complementary Currency “experts” and have secured substantial funding from government and councils. Their business model is to present themselves well; to secure industry endorsements through smooth-talk and leveraging personal relationships (particularly of people in influential/powerful positions); secure grants & funding; then pocket the bulk of this income.
Simultaneously with their very successful grant & funding activities, they have used this income-stream to increase their borrowings. Then in a repeating pattern going back more than a decade, they simply close down, owing money i.e. bankruptcy. They then talk about such minor past ‘misadventures’ as “successful exits”.
The Executive of the industry body, IRTA, has covered for the Qoin fraud for several years (since 2012) when they appointed Rob van Hilten to the International Board of Directors, totally against IRTA rules. Endorsement from IRTA (both passive and active) has perpetuated the Qoin fraud and the active cover-up continues to this day.
The Qoin operation has always been insolvent, by design, however in Q4, 2015, debt recycling and servicing came to a crisis and bankruptcy [again!] became inevitable. My blogging has and continues to expose this fraud in real-time.
With dozens of rotating entities Qoin’s Directors have deliberately structured their affairs in order to obfuscate. Their “trick” if you will, is that half a dozen old entities will quietly disappear at the same time as half a dozen new ones will arrive on the scene. I have already revealed that their current plan is to roll critical debt into a new entity and squeeze their creditors in the process.
There is of course valid use of multiple entities in larger businesses; Qoin however is a small operation, essentially two men with volunteers and a few staff with a high turnover. While not proof of fraud per se, multiple entities in a small business, especially when the entities come and go like they do with Qoin is a strong indicator of maleficence. When you see dozens of companies come and go like they do with Qoin, you know that things are ‘up’!
Without inside information investigators would normally have a nightmare trying to track the money. Investigators are just people and we all generally go the path of least resistance, so they theory is that they will leave hard or complex frauds and go onto other low-hanging fruit. I have inside information however as a result of the conmen’s sloppy conduct and am not easily distracted.
On 22 January 2016, four days following my announcement of The Qoin Con, Qoin closed a company called “Vereniging middelenbeheer Qoin“. The Dutch equivalent of the Companies Office reads:
Deze hoofdvestiging is uitgeschreven uit het handelsregister.
Which translated is:
Not registered anymore
No longer registered
The closure of one company, even one in a series of closures is not an earth-shattering event in itself, however if it has debts, and if those debts cannot be paid, and if those creditors are not aware of the closure . . . then oops!
This company has essentially gone bankrupt, with the Director(s) attempting to hide the fact that there are debts.
In case you are wondering how significant this is, the debts are €95k – oops again, that’s a rather significant exposure methinks!
There is more (of course) and I produce the documentation and evidence in the book, The Qoin Con.
Hello Dutch Authorities???
The above example is only one of the criminal activities I reveal in the book, but it is an attempt at covering up the reality, in this case the conmen knowing that the house of cards is about to fall.
So the question must be asked, “How do they get away with this?”
The primary way that the Qoin conmen escape their responsibilities to lenders and investors is through sweet-talk. Remember that these conmen are masters at building trust based on their self-aggrandisement. They know everyone and anyone in the business and present themselves as winners, thus all wish to associate and be associated with them. This is the ‘game’. When exposure comes (like I have brought, continue to bring and WILL continue to bring) the conmen scurry around the place like cockroaches diving for cover, trying to patch up the sinking ship, lying more, trying to explain and con more that “the blogger lacks credibility”; that “we’re just a little strapped for cash at the moment”; and that “the next funding round/grant [or whatever] is just around the corner”. It’s all part of the con, and if or when money does arrive, the only creditors that will get anything are those that have personal guarantees and put some serious pressure on the conmen sufficient that they can escape the con with money intact.
Covering the con however goes way back further than simply closing a company with debt down, calling “successful exit” to the upset creditors, and spinning ‘yarns’ to those owed, for Qoin has a long history of making friends in high places. None is so obvious an abuse of everything ethical as their securing of industry endorsement from IRTA.
On 26 January 2016, I detailed IRTA’s role in covering up the Qoin Con with a damning condemnation of both Executive Director Ron Whitney and Annette Riggs, who work as a team. I called them Ronnette, and these two individuals have strong links with one of the conmen, Rob van Hilten who has been on the IRTA Board since 2012.
IRTA, you have a huge fraud unfolding before your very eyes – and with one of your Board Members to boot!
IRTA, you have known about and been warned about the Tradeqoin & Qoin fraud for years.
IRTA, you have the evidence online since my blogging in Q4, 2014 about Tradeqoin and my announcement of the Qoin Con in Q1, 2016.
Ronnette, you have actively supported it and covered it up and failed to act professionally in exercising your responsibilities to the industry association.
Ronnette AND IRTA, take notice that active endorsement of criminal actions such as I have and am revealing is indeed a crime itself, and that you are hereby warned. Continued covering for a criminal operation of one of your Board is NOT in IRTA’s best interests, nor your own, personally
I recommend that interested parties should contact the Chamber of Commerce fraud department, the police, Fiscale Inlichtingen- en Opsporingsdienst (www.fiod.nl ) and/or the Tax Department.
Complaints should be made to IRTA, on the basis that Tradeqoin and Qoin are frauds, and that Rob van Hilten should NOT and should NEVER have been allowed on the Board and that Ronnette are corrupt, colluding to aid and abet a criminal endeavour.
Qoin’s Creditors as I have said should act fast and firmly, preferably in concert to avoid getting the run-around and different stories from the conmen.
Watch this space! There is more to come . . .
The Qoin Series
- The Qoin Con – Exposing them all - Notification of pending book release [766 words]
- Using Modus Operandii to expose Qoin - a precis of the logic used to expose the con [4,144 words]
- Coordinating Qoin’s Creditors - help and advice for Qoin's affected Creditors [3,918 words]
- Qoin Questionnaire - Creditor Questionnaire
- IRTA’s Cover-Up of The Qoin Con - IRTA actively covered for the crooks, for years [2.257 words]
- Qoin on the Ropes - The conmen moving into panic mode as creditors start calling, and squeezing [2,710 words]
- Qoin Screwing Their Creditors - Incredibly callous actions of greedy conmen without a conscience exposed [2,558 words]
- Qoin Directors’ Criminal Actions - An analysis of trading while insolvent & fraud, plus the serious consequences [3,999 words]
- Qoin’s Cover Up Commences - The first of the companies closed down (owing €95k BTW!) [1,348 words]
- Qoin’s Veritable Maze of Confusion - Just some of the current companies, the cancelled companies and the phantom companies [2,142 words]
- Qoin Fraud Exploits Crowdfunding Loopholes - Geld voor Elkaar and particularly Symbid are highly exposed having supported the Qoin fraud [1,521 words]
- Qoin Exposes Stichting Doen’s Nepotism - Stitchting DOEN has funded, was warned and covered up. They are complicit [2,273 words]
- WARNING to Tradeqoin Members - Tradeqoin is simply a database of names but all who allow their names to be used help perpetuate the fraud [635 words]
- Qoin’s Conman Rob van Hilten’s Lies - Proven liar, liar, liar, liar, lair! [1,848 words]
- WARNING to Qoin Supporters/Endorsers - Conmen leverage relationships with "big names" to gain credibility - A warning to those who may have been conned [601 words]
- Bye Bye Qoin – Officially Bankrupt - A slap in the face for Qoin's two conmen, their active supporters to the end, IRTA's Executive, and other losers who backed the donkey of BS over a thoroughbred of facts. [2,277 words]
- Issues for Qoin’s Liquidator [Curator] - All liquidators of frauds must work through deception. Good ones will get there and find the money. [1,530 words]
- IRTA Source Emails Annette Riggs [7,220 words]
- IRTA Source Email – Ron Whitney [1,098 words]
- Correcting IRTA’s ad hominems - Reveals & proves an ugly personal agenda [ 3,153 words]
- Qoin’s Bankruptcy Unravelled - The details and explanation [2,613 words]
- Qoin as a Source of Ridicule - Nobody trusts them now [1,140 words]
- Qoin’s Bankruptcy – Liquidator Report - Here's the proof! [4,722 words]
- Qoin’s Trading While Insolvent - Damning White Collar crime proved - THE KILLER-POST! [1,639 words]
- Qoin Conmen’s Methodology - Explaining the confidence game [2,741 words]
- Qoin's Bankruptcy - Industry Significance - Significant! [2,016 words]
- Qoin Spins Down & Down - IRTA's spin on Qoin's bankruptcy [991 words]
- IRTA’s Defence Undermined by FACTS - Jacob Musschenga pings IRTA's spin [1,353 words]
- IRTA: Explaining is a Sign of Defeat - Damning commentary of IRTA's Defence [3,492 words]
- Qoin’s Crimes Listed - Summarising criminal actions of Qoin's Directors [1,176 words]