Investors have injected more than $8.9 million into Elan Future, which it says has the technology to “end the energy crisis.” However, almost all of the sums obtained through contracts linked to its cryptocurrency are not used for the young company's operations, which is today under the attention of the Financial Markets Authority (AMF). a part The money was used to buy buildings, two Teslas, a yacht and a Ducati motorcycle.
On her website, Ellen Future promises to change the world. The company, founded and run by Jérôme-Olivier Malo, claims to have developed an “advanced power amplifier” that can “put an end to the energy crisis” by relying on “parametric resonance”.
The device reads, “Multiply your electric vehicle's range by 10.” Thus it is possible to recharge the automobile” [qu’]Once every two months. This technology, which can be installed in “30 minutes”, also significantly reduces the energy consumption of buildings.
destiny Elon Future representatives consulted a white paper presented to potential investors in recent years. There is no technical information explaining the process. It says it has created a prototype and promises the technology will be ready by 2025. “We have followed a rigorous verification and sample validation process with two different universities,” it said, but without naming the institutions in question.
Jérôme-Olivier declined an interview request from Malo destiny, but agreed to provide comments via email. “To date, two patent applications have been published regarding general aspects of the use of the parametric resonance principle,” he wrote, adding that Elan Future's research program “focuses primarily on the development of electric generators without magnets.
“The latest device designs developed by Elan are the subject of an as yet unpublished patent application. “This unpublished patent application is one of Elan's trade secrets,” he asserted.
AMF participates
Elan Future and its founders are now under the Financial Markets Authority's scrutiny. The AMF alleged that the company made investments without the necessary authorizations through contracts linked to the cryptocurrency – Elan Coin.
At the request of the AMF, which is currently investigating, the Administrative Financial Markets Tribunal judge ordered the blocking of Alan Future's accounts, but also the accounts of Mr Malo and several business partners.
Quebec's financial markets regulatory body said it feared the sums raised would be “wasted.” Of the $8.9 million received from confirmed or potential investors, only $622,000 in cash flows “may be tied to business expenses,” according to estimates from AMF research. Jérôme-Olivier Malo and his companies “may have implemented a scheme whereby a significant portion of the funds raised from investors are used to pay personal expenses”.
According to current evidence from the AMF, the amounts injected by the investors were used to buy a yacht, three cars (including two Teslas), a Ducati motorcycle and two buildings. According to documents obtained by destinyA number of companies owned by Mr. Malo bought the Bromont building that houses Borealis Spa a few years ago for $1.25 million.
The defendants contested the court's decision.
By email, Mr. Mallow recalled that orders were issued a few days before Christmas, “Without [qu’il] Present and without [qu’il] Could emphasize [sa] Provide location and necessary descriptions and explanations. “At this stage, I would like to allow the Financial Markets Authority investigation to take its course, but cooperate to get to the bottom of matters. »
In addition to Ellen Future and Jerome-Olivier Malo, the court order also targets business partners of the Granby founder: Martin Isabelle, Nicolas Maltais, Dominique Bilodeau, Alexandre Cassette and Marie-Soleil Baril.
Eternal Global and Elan Coin
The accounts of Jérôme-Olivier Malo's Eternelle Global company were also blocked. The latter offers genetic testing analysis services. The company's email is no longer accessible, and calls to its telephone number go to a regular voicemail box where you can't leave a message. Jerome-Olivier Malo explained that Éterelle Global is no longer active since the pandemic, but it still ensures communications with its current clients.
The value of the Elan Coin cryptocurrency has also fallen by more than 70% since the order received by the AMF, according to Coinbase, a site that tracks the evolution of several cryptocurrencies. After being around $10 in December 2022, today Elan Coin is worth less than $0.50.
Martin Lalonde, president of Rivemont, a cryptocurrency-linked investment fund manager, however, wants to focus on the role that cryptocurrencies play in this type of issue. “Because it's new, because it's unique, because the returns are so good for those who have held cryptocurrencies in the past, it means that a lot of people want to get involved without doing all the necessary homework, making sure they understand what they understand. Investing. »
“The risk is not the cryptocurrency, but the fundraiser is not registered by the Financial Markets Authority or another regulatory body – and therefore monitored,” he reminded.
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