CryptoSpain / Álvaro Romillo / Madeira Invest Club
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anchored·XcjRF2…YYgZSummary
Álvaro Romillo Castillo, a Spanish crypto influencer known online as CryptoSpain, was arrested on November 6, 2025, and ordered held without bail by Spain's National Court on charges of mass fraud and leading a criminal organization through Madeira Invest Club (MIC). Prosecutors allege MIC operated as a Ponzi scheme from early 2023 through September 2024, collecting approximately €185.5 million from 3,062 investors across multiple countries by promising guaranteed returns of up to 20% on fictitious luxury-asset contracts. As of May 2026, ten defendants have been formally charged and the case remains in pre-trial proceedings before Judge José Luis Calama; no verdict has been entered.
Connected Entities
1 entities- + 6 more
Timeline(11 events)
1 January 2023
Madeira Invest Club begins operations, marketing itself as a private investment group offering guaranteed returns on luxury-asset contracts. Approximate start date; exact month not publicly confirmed.
Confilegal / National Court charging documents22 May 2023
Spain's CNMV issues a formal public warning that Madeira Invest Club is not authorized to operate as a collective investment scheme under Spanish Law 35/2003.
CNMV official warning document6 April 2024
Far-right MEP candidate Alvise Pérez reportedly promotes Madeira Invest Club at a public event in Madrid, more than 11 months after the CNMV warning.
El Diario / Forbes España27 May 2024
Romillo allegedly transfers €100,000 in cash to MEP candidate Alvise Pérez, a payment Pérez later admits to receiving but denies was for campaign financing.
Euronews1 September 2024
Madeira Invest Club shuts down operations. The scheme had collected approximately €7 million in membership fees alone over its operational period.
Brave New Coin / multiple outlets27 September 2024
MEP Alvise Pérez publicly admits on Telegram to receiving €100,000 in cash from Romillo, stating it was received 'as a freelancer without an invoice.' He denies campaign financing.
Euronews1 October 2024
Multiple investor complaints filed with Spanish authorities by October 2024, triggering the formal investigation.
Yahoo Finance / The Block6 November 2025
Spanish Civil Guard arrests Álvaro Romillo as part of Operation PONEI, conducted by the National Court's Central Court of Instruction No. 4 and the Anti-Corruption Prosecutor's Office, with Europol support.
CoinDesk / The Block7 November 2025
Romillo testifies for two hours before Judge José Luis Calama. The National Court orders him held without bail as a flight risk, citing the discovery of a €29 million Singapore bank account. Romillo claims to have already repaid 2,700 investors in cash but produces no documentation.
The Block / Protos / FinanceFeeds15 December 2025
Spain's National Court formally charges Romillo and nine co-defendants with mass fraud and criminal organization. Court determines 3,062 investors were defrauded of €185,511,947.76. A joint civil liability bond of €247,349,230 is imposed. A separate money laundering investigation is opened.
Spanish National Court (Poder Judicial) official press release11 May 2026
Romillo appears in court for a pre-trial hearing alongside nine co-defendants. He exercises his right to remain silent and declines to testify. Most co-defendants also refuse to testify. Case remains in pre-trial proceedings with no trial date set.
ConfilegalDecision Log
- hash: G49YAVnj1DG6Tg1aacYWBLTet6qYmDf8Gh1LmYfE56A8
This investigation is cryptographically anchored to the Solana blockchain (1 event). 14 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:18:55 AM
last updated: 9/1/2026, 4:44:30 AM
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