{"investigation":{"slug":"david-merino-quintana","entity_name":"David Merino Quintana","trust_score":3,"severity_base":null,"score_modifier":0,"confidence":0.75,"status":"draft","content_type":"investigation","summary":"David Merino Quintana is a Spanish businessman from Gran Canaria identified by Spanish and U.S. authorities and by civil litigants as the co-founder and alleged de facto leader of FxWinning (also styled FX Winning), a forex/cryptocurrency investment platform that collapsed in June 2023. He is the subject of a Spanish National Court (Audiencia Nacional) criminal probe into an alleged pyramid/Ponzi scheme estimated at roughly €460-500 million affecting over 15,000 victims in more than 20 countries, a $85 million Miami-Dade civil judgment for fraud, and a separate federal-court-adjacent civil suit alleging a scheme exceeding $2.8 billion in scope. He was arrested in Dubai in June 2026 amid extradition proceedings.","sections":[{"content":"David Merino Quintana, a Spanish national born in 1987 in Las Palmas de Gran Canaria, is described in Spanish press and U.S. civil litigation as a co-founder of FxWinning Ltd., a Hong Kong-registered online foreign exchange and cryptocurrency investment brokerage founded around 2020 alongside Rafael Brito Cutié. Merino officially left the company in 2021 but is alleged by Spanish investigators and by plaintiffs in U.S. civil litigation to have continued directing the operation from behind the scenes after his formal departure. FxWinning marketed itself as offering monthly returns of roughly 8-15% through forex and crypto trading, and required customers to convert funds into cryptocurrency for deposit into company-controlled wallets.","heading":"Identity and Role at FxWinning","sources":[{"url":"https://www.canarias7.es/sucesos/presunto-lider-macroestafa-winning-grancanario-david-merino-20260601205258-nt.html","name":"Canarias7 — arrest profile of David Merino","type":"news_article","credibility":2},{"url":"https://silvermillerlaw.com/current-investigations/fxwinning-ltd-and-david-merino/","name":"Silver Miller Law — FXWinning, Ltd. and David Merino investigation page","type":"other","credibility":2},{"url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","name":"Nelson Mullins press release on $85M judgment","type":"news_article","credibility":2}],"severity":"high"},{"content":"Spain's Audiencia Nacional (National Court) is investigating Merino as the alleged principal organizer of what Spanish authorities describe as the largest cryptocurrency-linked pyramid scheme investigated in Spain to date. Investigators allege the scheme collected approximately €460-500 million from more than 15,000 victims across over 20 countries, including the United States, Mexico, Argentina, Peru, Ecuador, France, and Australia. According to the police hypothesis reported in Spanish media, the operation paid earlier investors with funds from new participants — a structure consistent with a Ponzi/pyramid scheme. Some English-language aggregator articles reported figures as high as \"$53.3 billion,\" but this appears to be a unit/translation error inconsistent with the €460-500 million figure reported consistently across Spanish-language sources (which describe the fraud as roughly $500 million in scale, not billions); this discrepancy is noted here because it could not be independently reconciled. Merino is also reported to be under scrutiny by the U.S. DEA and by Mexican authorities, according to Spanish press reports, though this could not be confirmed via a primary U.S. or Mexican government source.","heading":"Spanish Criminal Investigation — Alleged €460-500 Million Pyramid Scheme","sources":[{"url":"https://www.canarias7.es/sucesos/presunto-lider-macroestafa-winning-grancanario-david-merino-20260601205258-nt.html","name":"Canarias7 — presunto líder macroestafa FX Winning detenido en Dubái","type":"news_article","credibility":2},{"url":"https://rtvc.es/la-an-investiga-una-presunta-estafa-con-criptomonedas/","name":"RTVC — La AN investiga una presunta estafa con criptomonedas","type":"news_article","credibility":2},{"url":"https://www.atlanticohoy.com/economia/detenido-en-dubai-grancanario-david-merino-principal-investigado-por-macroestafa-fx-winning_1562326_102.html","name":"AtlanticoHoy — Detenido en Dubái el grancanario David Merino","type":"news_article","credibility":2},{"url":"https://www.thecooldown.com/green-business/authorities-arrest-figure-ponzi-scheme-crypto/","name":"The Cool Down — Man accused of quietly running a $53 billion crypto Ponzi arrested in Dubai","type":"news_article","credibility":2}],"severity":"critical"},{"content":"In Miami-Dade County civil court, plaintiffs CFT Solutions, LLC and its owner Renan de Rocha Gomes Bastos sued Rafael Brito Cutié and David Merino Quintana as principals of FxWinning, alleging a 'global fraud scheme' operated between 2020 and 2023 in which investor withdrawal requests were never processed after the platform ceased operations in June 2023. A jury found FxWinning liable for investor fraud in December 2024, and on March 7, 2025, Judge Lisa Walsh entered a final judgment of more than $85 million against Brito Cutié and Merino. Separately, a group of investors led by Cody Kerns filed suit in July/August 2023 against FxWinning, Merino, Brito Cutié, and other alleged partners, seeking approximately $28 million and alleging conspiracy to commit fraud and deceptive trade practices, describing a 'globe-sprawling fraudulent scheme' put at over $2.8 billion in total scope between 2020 and 2023. On August 1, 2024, Judge Walsh entered default judgments against FxWinning Ltd., Olga Huzhva, and Rafael Brito Cutié in that matter, but Merino — appearing pro se — was not defaulted and was given additional time to respond. The law firm Silver Miller separately announced in 2023 that it was investigating claims on behalf of FxWinning victims against Merino and others.","heading":"U.S. Civil Litigation — $85 Million Judgment and $28M+ Fraud Suits","sources":[{"url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","name":"Nelson Mullins — $85M judgment press release","type":"news_article","credibility":2},{"url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/","name":"Finance Magnates — Investors Sue 5 Owners of Defunct Broker FxWinning for $28M","type":"news_article","credibility":2},{"url":"https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","name":"BlockTribune — Florida Court Defaults Key Defendants in Alleged FxWinning Investment Scam Lawsuit","type":"news_article","credibility":2},{"url":"https://www.prnewswire.com/news-releases/silver-miller-investigating-claims-for-victims-of-fxwinning-and-david-merino-301953843.html","name":"Silver Miller Law — investigation announcement (PR Newswire)","type":"news_article","credibility":2},{"url":"https://www.govinfo.gov/content/pkg/USCOURTS-flsd-1_23-cv-23139/pdf/USCOURTS-flsd-1_23-cv-23139-2.pdf","name":"U.S. District Court, S.D. Fla., Case No. 1:23-cv-23139 filing (govinfo.gov)","type":"court_filing","credibility":1}],"severity":"critical"},{"content":"FxWinning blocked customer withdrawals in February 2023, citing regulatory compliance reviews, and ceased operations entirely in June 2023 without returning investor funds. Published reports and civil complaints allege that Merino and other FxWinning insiders diverted tens of millions of dollars of investor funds to personal use, including the purchase of real estate in the Miami and Miami Beach, Florida area. These allegations have not been independently verified through asset-tracing or forensic accounting documentation reviewed for this dossier and should be treated as allegations made in litigation and news reporting rather than established fact.","heading":"Platform Collapse and Alleged Use of Proceeds","sources":[{"url":"https://silvermillerlaw.com/current-investigations/fxwinning-ltd-and-david-merino/","name":"Silver Miller Law — FXWinning, Ltd. and David Merino investigation page","type":"other","credibility":2},{"url":"https://www.thecooldown.com/green-business/authorities-arrest-figure-ponzi-scheme-crypto/","name":"The Cool Down — Man accused of quietly running a $53 billion crypto Ponzi arrested in Dubai","type":"news_article","credibility":2}],"severity":"high"},{"content":"Merino, who had reportedly been a fugitive residing in the United Arab Emirates for years while an international arrest warrant issued by Spain's Audiencia Nacional remained outstanding, was detained in Dubai on June 1, 2026. Spanish media reported that his detention in Dubai actually stems from a separate, distinct legal matter — reportedly linked to a U.S.-originated claim, though the exact nature was not disclosed in available reporting — rather than directly from Spain's extradition request, which reportedly remains active and pending resolution of the other matter. As of the most recent available reporting, Merino remained held at Al Awir Central Prison in Dubai, and Spanish prosecutors were reported to be seeking a sentence approaching 30 years should he be extradited and convicted in Spain.","heading":"Arrest in Dubai and Extradition Status","sources":[{"url":"https://www.canarias7.es/sucesos/presunto-lider-macroestafa-winning-grancanario-david-merino-20260601205258-nt.html","name":"Canarias7 — arrest report","type":"news_article","credibility":2},{"url":"https://www.atlanticohoy.com/economia/david-merino-sigue-en-prision-en-dubai-por-causa-distinta-extradicion-solicitada-por-espana_1562442_102.html","name":"AtlanticoHoy — David Merino sigue en prisión en Dubái por causa distinta a la extradición","type":"news_article","credibility":2},{"url":"https://www.atlanticohoy.com/economia/ocurrira-ahora-con-david-merino-sera-proceso-extraditar-lider-fx-winning-dubai-espana_1562386_102.html","name":"AtlanticoHoy — Qué ocurrirá ahora con David Merino","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2020","event":"FxWinning Ltd. is founded by Rafael Brito Cutié and David Merino Quintana as a Hong Kong-registered online forex/crypto investment brokerage, according to U.S. civil litigation.","source":"Finance Magnates / TradingView News","source_url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/"},{"date":"2021","event":"Merino officially departs FxWinning, though Spanish investigators and civil plaintiffs allege he continued to direct the operation from behind the scenes.","source":"Canarias7","source_url":"https://www.canarias7.es/sucesos/presunto-lider-macroestafa-winning-grancanario-david-merino-20260601205258-nt.html"},{"date":"2023-02","event":"FxWinning blocks customer withdrawals, citing the need for regulatory compliance reviews.","source":"Silver Miller Law","source_url":"https://silvermillerlaw.com/current-investigations/fxwinning-ltd-and-david-merino/"},{"date":"2023-06","event":"FxWinning ceases operations entirely without processing outstanding investor withdrawals.","source":"Silver Miller Law / Nelson Mullins","source_url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme"},{"date":"2023-08","event":"Investor group led by Cody Kerns files suit against FxWinning, David Merino, Rafael Brito Cutié and others in Florida, seeking roughly $28 million and alleging conspiracy to commit fraud.","source":"Finance Magnates","source_url":"https://www.financemagnates.com/forex/investors-sue-5-owners-of-defunct-broker-fxwinning-for-28m-allege-fraud/","date_evidence":"Case Filing Date: Week of July 26, 2023 (announced August 2, 2023)"},{"date":"2024-08-01","event":"Miami-Dade Judge Lisa Walsh enters default judgments against FxWinning Ltd., Olga Huzhva, and Rafael Brito Cutié in the Kerns investor suit; Merino, appearing pro se, is not defaulted and is given additional time to respond.","source":"BlockTribune","source_url":"https://blocktribune.com/court-defaults-key-defendants-in-alleged-fxwinning-investment-scam-lawsuit/","date_evidence":"Date of Ruling: August 1, 2024"},{"date":"2024-12","event":"A jury in the CFT Solutions civil case finds FxWinning liable for investor fraud.","source":"Nelson Mullins press release","source_url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme"},{"date":"2025-03-07","event":"Miami-Dade Judge Lisa Walsh enters a final judgment of more than $85 million against Rafael Brito Cutié and David Merino Quintana in the CFT Solutions civil fraud case.","source":"Nelson Mullins press release","source_url":"https://www.nelsonmullins.com/insights/news/press_releases/nelson-mullins-secures-usd85m-judgement-in-global-crypto-forex-fraud-scheme","date_evidence":"Date Entered: March 7, 2025"},{"date":"2026-06-01","event":"David Merino is arrested/detained in Dubai after years as a fugitive, under an international arrest warrant tied to Spain's Audiencia Nacional investigation into the alleged FxWinning pyramid scheme.","source":"Canarias7","source_url":"https://www.canarias7.es/sucesos/presunto-lider-macroestafa-winning-grancanario-david-merino-20260601205258-nt.html","date_evidence":"David Merino, a 39-year-old businessman from Las Palmas, Gran Canaria, was detained in Dubai on June 1, 2026."}],"sources_used":[{"url":"https://www.canarias7.es/sucesos/presunto-lider-macroestafa-winning-grancanario-david-merino-20260601205258-nt.html","name":"Canarias7 — presunto líder macroestafa FX Winning detenido en 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