US EditionPhantom Cows and Missing Millions Spark Scandal in Uruguay
- Thousands of Uruguayan investors lost an estimated $350 million in a fraudulent 'cow bond' investment scheme revealed in early 2024.
- The scheme, promoted by firms including Conexin Ganadera, promised fixed 7-10% returns based on cattle sales but collapsed amid reports of phantom cows and late payments.
- Investigations found firms managed over 800,000 cattle but as few as 70,000 to 80,000 existed, with one holding company collateralizing 3,740 cows but owning only 49.
- Investor Sandra Palleiro expressed uncertainty about the authenticity of the cattle, stating it is unclear if the cows were actually purchased or if they are still alive, while investigations into money laundering continue.
- The scandal represents one of Uruguay's largest financial frauds, prompting ongoing criminal investigations, bankruptcy proceedings, and efforts by thousands to recover savings and missing livestock.
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Colorado Springs Gazette+4 Reposted by 4 other sources
Phantom cows and missing millions spark financial scandal in Uruguay
By Lucinda Elliott
·Colorado Springs, United States
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'Vacas Ghosts': Understand the Sample of the Dog that Caused Almost R$2 Billion in Investors in Uruguay
The case investigated by the local authorities involves at least three companies and more than six thousand investors One of the largest financial scandals in the recent history of Uruguay rotates around an unexplained element: cows which, as everything indicates, never existed. The case, investigated by the local authorities, involves at least three companies, more than six thousand investors, and a estimated cost of US$ 350 million — about $1.…
·Brazil
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