Estonian news site Aripaev has published an article about $Crowdestor
Flex service does not comply with the EU regulation:
The Latvian Financial Supervision Authority considers that Crowdestor should not provide such a service without the authorization of an investment firm. At the same time, it is stated that Crowdestor is an Estonian company and thus belongs to the administrative area of the Estonian Financial Supervision Authority. Nevertheless, the Latvian Financial Supervision Authority has promised to contact the Crowdestor team to discuss the nuances of the Flex service.
In fact, all automated services where the platform makes decisions on behalf of the investor are also banned by the European Union's co-financing regulation, which will enter into force on 10 November. This means that if Crowdestor wants to apply for a co-financing license in Estonia, Latvia or another EU member state, the Flex service should not be in their portfolio.
Same group of politicians may be behind Crowdestor as Envestio:
The opinion has emerged that behind Crowdestor as well as other failed Estonian-Latvian co-financing platforms is the same group of politicians who try to earn easy income from the mass of dispersed small investors. This hypothesis was confirmed by an article published by the journalist Goldbergs last month, where he described how the money lost by the bottom of the Envestio co-financing in early 2020 could end up on the Crowdestor portal. According to Goldbergs, Galvanovskis and his friends from the Latvian Reform Party may have been behind the movement of money, and Crowdestor and Envesto are most united by Martins Tenbergs, an entrepreneur called the gray cardinal of the Reform Party. He lent money for his real estate projects on the Envestio platform and has borrowed from Galowovskis and Karlis Gudonis from the Crowdestor portal through the party's ties. Thus, there is a strong possibility that the money "saved" from Envestio has reached the project of Galvanovskis, a friend of Tenbergs, through Exante.
Rumors are spreading that the police are also interested in Crowdestor. One investor has said that, to his knowledge, the Estonian police visited Latvia last week to investigate possible connections between Envestio and Crowdestor.
However, this is an unofficial statement, because according to the Police and Border Guard Board, no proceedings have been initiated against Crowdestor OÜ.