Gabriel Grego

The conviction of five top executives of jewelry maker Folli Follie for falsifying balance sheets and other financial offenses in an Athens court last week is "a victory for transparency and integrity in the financial markets," the founder of the hedge fund that revealed the fraud told Kathimerini.

The Quintessential Capital Management fund, whose managing partner Gabriel Grego was instrumental in revealing the true state of Greek jewelry company Folli Follie, has now claimed in a report that music streaming company Akazoo SA will be the next Greek enterprise to crumble. Akazoo, listed on the Nasdaq since last September, is accused of trying to profit at its shareholders' expense.

Some 14 months after Gabriel Grego and his fund, Quintessential Capital Management (QCM), exposed the goings-on at troubled Greek jewelry maker and retailer Folli Follie, leading to the suspension of trading in the latter's stock and hurting many investors and funds, the same fund is back in the spotlight, this time blowing the whistle on an Italian firm.

"The case of Folli Follie has just started, and the truly important developments are yet to come," the head of the QCM fund, Gabriel Grego, has told Kathimerini.