Argentina's 'Generacion Zoe' Promised Financial and Spirtual Development. Was it a Ponzi Scheme?

It was a mix of spiritualism and financial education, remembers one patron of Generacion Zoe, which "pitched itself as an 'educational and resource-creating community for personal, professional, financial and spiritual development,'" reports Rest of World:Generacion Zoe claimed to make money through trading, and promised a 7.5% monthly return on investment for three years for those who put money into its "trust." In Argentina and other countries, other companies with the Zoe name peddled a similar narrative... It included a "university" that offered courses on ontological coaching, a type of philosophical practice popular in some Argentine business circles... Over 2020 and 2021, more than ten thousand people bought into Zoe, investing hundreds of millions of dollars between them. Zoe grew rapidly, hyping new tech innovations including the "robots" and a cryptocurrency called Zoe Cash. Its interests and visibility expanded: The Zoe name appeared on burger joints, car dealerships, a plane rental company, and pet shops, all emblazoned with its name. It sponsored soccer teams and even created three of its own... Zoe also spread beyond Argentina to other countries in Latin America and further afield, including Mexico, Paraguay, Colombia, Spain, and the U.S. Towards the end of 2021, however, the shine began to wear off, as authorities began looking into Zoe's activities... Zoe members reported being unable to withdraw the funds they had put into trusts or "robots," and in early 2022, the value of Zoe Cash plummeted. Angry investors banged on the doors of Zoe's branches, and investigations against Zoe and Cositorto piled up across Latin America, Spain, and the U.S. By March 2022, a handful of high-profile names involved with Zoe in Argentina had been arrested, or were wanted by the authorities... Prosecutors now accuse Zoe of being nothing more than a simple Ponzi scheme.

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