POI-06 · Case chronology

Sebastien Elbied: case timeline from the JOOL collapse to the VINGA conversions

Institutional and family-office sales in Geneva until his departure; the representations made on those calls are what investors relied on.

1. 2017–2018 · Origination

   JOOL Markets arranges bonds for a Swedish property issuer

   Bonds arranged and placed by the broker-dealer arm of JOOL Capital Partner and marketed to investors as viable fixed-income instruments.

2. March 2019 · Regulator

   Finanstilsynet revokes JOOL Markets' licence

   The Norwegian financial supervisory authority withdrew the licence in a decisive enforcement action; the decision was upheld by the Norwegian Ministry of Finance in April 2020.

3. August 2019 · Default

   The issuer collapses into bankruptcy

   The shortfall was borne by the bondholders who had been solicited to buy the paper.

4. 3 February 2020 · Court

   The issuer's CEO is sentenced to prison

   A criminal conviction with incarceration for crimes connected to the bond issuance — not a civil settlement.

5. June 2020 · Wind-down

   JOOL Markets winds down its Swedish branch

   The JOOL name had been damaged by investor losses, bankruptcy and regulatory sanction. Civil damages claims followed over arranger conduct.

6. 2023 · Rebrand

   Navigo Invest AB acquires JOOL Capital Partner and rebrands it as VINGA

   The rebrand created VINGA Corporate Finance and launched VINGA Securities AG as the Swiss-domiciled broker-dealer. The evidence shows the same individuals, infrastructure and playbook continued under the new name.

7. 2024–2026 · Ongoing

   VINGA continues to act as solicitation agent on restructurings

   Engaged and paid by the issuer, with no duty to represent bondholders — the pattern the whistleblower report asks regulators to examine.

8. Stage 02 · Mechanism

   Persuade — Sebastien Elbied's seat is active at this stage

   Paper is placed as "senior secured" across Nordic private banks and, through the Geneva office, Swiss custodians. The evidence shows the Swiss arm onboards investors untouched by the prior JOOL defaults.

Red flag for all KYC on these persons.