US Edition
Phantom Cows and Missing Millions Spark Scandal in Uruguay
- Thousands of Uruguayan investors lost about $350 million due to the collapse of a fraudulent cow bond scheme in 2024.
- The scheme allowed investors to buy stakes in cattle supposedly managed by firms like Conexin Ganadera, promising fixed 7-10% returns, but reports differ on the actual existence of the cattle.
- Investigations revealed that fewer than 10 percent of the alleged 800,000 cattle existed, with some firms bankrupt and executives, including one from Grupo Larrarte, under criminal detention.
- Investor Sandra Palleiro, who contributed more than $50,000, expressed deep uncertainty about the legitimacy of the investment, stating that it remains unclear if the cattle she was promised actually exist or are still living, highlighting the confusion and concern among those affected.
- The case triggered ongoing investigations by Uruguay's authorities responsible for investigating financial crimes related to money laundering and brought attention to issues concerning regulatory supervision and potential fraud within the livestock industry.
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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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