Prominent US Houseboat Company Accuses Xoel Álvarez of Fraud and Ponzi Scheme in Multi-Million Euro Scandal

In a surprising turn of occasions a top US-based business in the houseboating market, has actually filed a criminal instance versus Xoel Álvarez Mazaira, CEO of Mínimo Boats, alleging fraudulent activities and a Ponzi plan. This
conflict has risen complying with the American firm's repayment of 2.33 million euros for 18 systems, part of a larger 120-unit order that had actually to be terminated due to Mínimo Boats' lack of ability to deliver in a timely manner, some devices being delayed for up to a year. The dispute
increased when a 1.03 million euro deposit was suspiciously relocated in the middle of the business's personal bankruptcy.

Xoel Álvarez Mazaira, CEO of Mínimo Boats


Mínimo Boats, when celebrated for its innovative floating home styles, is currently under examination for stopping working to satisfy its enthusiastic commitments to its customer. The American firm affirms that only 12 of the promised 18 watercrafts
were provided, many with issues, and 2 in an unusable state. This violation of trust expands past economic losses, as the United States company asserts Mínimo Boats diverted funds indicated for their order to supply boats to other clients, a timeless hallmark of a Ponzi
system.


The rely on Mínimo Boats curdle when the latter encountered settlement suspension (bankruptcy proceedings) and subjected its personnel to momentary layoff schemes. The grievance submitted in O Porriño court paints a grim photo
of Mínimo Boats' economic mismanagement and supposed diversion of funds by Álvarez Mazaira for personal usage.  Minimo Boats SL Vigo Spain  United States based company unrelenting quest of justice in this case reflects not just a battle against monetary deceit but additionally a stand against the erosion
of count on and partnership in the sector.