About 2,000 pay EUR 100 each to attend launch of new Wincapita

Ex-fugitive Kailajärvi addresses gathering by video

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About 2,000 people gathered at the Espoo Arena Sunday evening to attend an event marking the launch of a "new Wincapita". Organisers had invited former members of the defunct WinCapita investment club to the event.
      Those attending paid EUR 100 for admission. In addition to being allowed into the event, those paying the fee were given access codes to the company’s website, which has more information on the activities of the new company. There are further fees for the various products on offer.
     
“Did we make the right decision when we took this name?” asked Kai Tanninen, the chairman of the board of the new Wincapita, at the start of his speech to the gathering.
      The question brought a round of applause that was even more thunderous than what singer Juhamatti got. Juhamatti entertained the crowd before Tanninen took the stage.
     
The precise nature of the business activities of the new company remained somewhat murky. The new Wincapita says that its business idea involves setting up an online trading service, where the user can buy user’s rights to automated currency trading software.
      Participants were told that later this year, the service will include a programme developed by Hannu Kailajärvi, former fugitive and founder of the former investment club WinCapita.
      The board of directors of the new Wincapita said that Kailajärvi is not in the management of the company, nor is he an owner - he simply works as a consultant; the size of his fee was said to be a corporate secret.
     
Kailajärvi himself could not attend the actual event, because of a travel ban placed on him when he was released from police custody in December.
      Kailajärvi had been remanded because police suspect that WinCapita’s operations constituted aggravated fraud; more than 2,000 criminal complaints have been lodged against the club by investors who lost their money.
     
Kailajärvi nevertheless addressed the gathering on videotape. In his presentation, Kailajärvi denied that the investment club was a pyramid scheme, and insisted that he had not admitted to any wrongdoing.
      He also briefly described his new currency trading software.
     
Currency trading experts told Helsingin Sanomat that various kinds of currency trading software have been developed over the years.
      However, they do not believe that automated systems can prove profitable in the long run.


Previously in HS International Edition:
  Looking for Mr. WinCapita (14.9.2008)
  Last WinCapita suspect caught in Thailand (2.11.2009)
  WinCapita fugitive arrested in Swedish town (15.12.2008)

Links:
  WinCapita (Wikipedia)

Helsingin Sanomat