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Gowex Chief Orchestrated Sham Hiding Lies in Plain Sight

In the end, the most shocking part of Let’s Gowex SA’s implosion this month wasn’t that the Wi-Fi company, worth 1.9 billion euros ($2.6 billion) just three months ago, was a fraud. It’s that it wasn’t spotted sooner.

Gowex founder Jenaro Garcia fabricated clients and contracts, listed a defunct company as a holding company for his stake in Gowex, and put numbers in reports that didn’t make any sense, even as matters of basic arithmetic.