Originally published on 27 /1 2026
Exposing a Rebranded Investment Scam: Premium Capital’s Shady Origins
Trust is the bedrock of sustainable finance, and ethical governance is a key pillar for ESG-conscious investors. When unscrupulous actors exploit that trust, both investors and the industry’s integrity suffer. A recent fraudulent case in Sweden highlights this concern: Premium Capital, a new investment firm that appears to be a rebrand of an old scam, carrying forward the legacy of the Vaneo Capital fraud. Consumer advocates and financial watchdogs are now sounding the alarm, warning that the same individuals behind a multi-million dollar scam are now back in business under a new name . This post takes a critical, investigative look at the Vaneo–Premium Capital saga and what it means for investors who value ethics and transparency.
Background: The Vaneo Capital Scam
The story begins with Vaneo Capital, a small unlisted investment firm that turned out to be running a classic scam targeting elderly and wealthy individuals. The playbook was familiar: cold-calling “golden oldies” (wealthy seniors) with fast, confident sales pitches, trying to sell complex and expensive financial products . In Vaneo’s case, the product was packaged in the form of unlisted shares sold with promises of “great returns” – but it was all a scam. By the time the fraud was uncovered, customers had lost around 75 million SEK (approximately $7 million USD) of their savings, money that never went into any real investments but instead ended up in the perpetrators’ own pockets .
What initially looked like a small-scale fraud – tens of millions siphoned from a few hundred investors – turned out to be a significant criminal scheme. Two chief operators of Vaneo Capital, Björn Falk and Josef Bari, were eventually convicted and are now serving prison sentences in Sweden for aggravated fraud . However, the downfall of these ringleaders did not kill the business model that made Vaneo’s scam possible . In fact, the fraudulent enterprise merely evolved and resurfaced in new forms, driven by other individuals who managed to escape legal consequences.
From Vaneo to Premium: Old Wine in a New Bottle
Investigations reveal a troubling continuity from Vaneo Capital to a new firm called Premium Capital which essentially is made up of old scammers in a new company. The link is through two former Vaneo salesmen, Per-Henrik Stjernström and Mikael Söderström, who played a major role in selling Vaneo’s worthless shares. A court found it “not proven” that these sales agents understood the money was being misappropriated, so they were never convicted in the Vaneo case . After Vaneo collapsed, Stjernström and Söderström moved on to a successor company named Global Capital, where they continued the same cold-calling sales routine. Global Capital itself went bankrupt amid the Vaneo fraud investigation.
Now, with the dust settled, a third incarnation has emerged: Premium Capital. This new company was founded with partly the same principals and has begun contacting investors. It’s still early days for Premium Capital, so no wrongdoing has been proven yet. However, given the history, there is serious reason for concern. How likely is it that new investors lured into Premium Capital will be told about the checkered history of Global Capital and Vaneo Capital? Probably slim to none . The finance industry is – or ought to be – a “trust business,” which is why transparency about past conduct is crucial. Instead, we see a pattern of shady rebranding: a fresh company name is used to distance from past scandals while targeting a new set of unsuspecting investors.
Case Timeline – A Pattern of Rebranded Scams:
- Vaneo Capital (2014–2018): Cold-called seniors with promises of high returns on unlisted shares. Result: ~75 million SEK vanished into insiders’ pockets; main perpetrators convicted and jailed .
- Global Capital (2018–2020): Formed by former Vaneo sales agents Stjernström and Söderström. Continued aggressive sales calls until the firm collapsed during the Vaneo fraud probe .
- Premium Capital (2025–Present): New firm started by the same salesmen, now reaching out to investors. Claims to have “no connection” to the previous schemes, denying any involvement in the Vaneo crimes . Warning: History suggests a high risk of déjà vu for unwary investors.
Stjernström and Söderström have publicly stated to the press that Premium Capital has “no ties to earlier operations” and that they were not involved in any criminal activity at Vaneo Capital . Such assurances ring hollow in light of the documented continuum of companies and personnel. Premium Capital may be in its infancy, but the red flags are already waving. For investors, the lesson is clear: always investigate the people behind a firm, not just the branding. A new name can mask old tricks.
Regulatory Lapses: How Did This Happen Again?
It’s disheartening that known bad actors can resurface repeatedly in the financial market. Part of the blame, as investigative journalist Annelie Östlund points out, lies with Sweden’s financial regulator, Finansinspektionen (FI). In a scathing column titled “FI should put them under the microscope – anything less is a betrayal of small investors,” Östlund covers a series of dubious investment firms that have been shut down only to pop up anew under different names . The list reads like a rogues’ gallery of high-pressure sales operations: from the Systematiska and Centum groups in the early 2010s, through outfits like Strategi Placering, QV Capital, Global Capital, Vaneo Capital, and many more. Premium Capital is explicitly cited as one of the companies currently “up and running” in this long lineage of suspect firms .
The trick, as Östlund describes, is simple: con people out of money until FI revokes the firm’s license, then resume the same operations without a license under a new name . In theory, FI can issue cease-and-desist orders and fines if an individual or company conducts licensed financial business without approval. In practice, however, FI has not intervened in these cases since July 2018 . This lack of enforcement creates a regulatory blind spot – one that serial scammers are exploiting with impunity.
Financial authorities appear to be under-prioritizing the monitoring of firms that operate at the fringes of legality, even when those firms (and the people behind them) have a known history of reckless advice or rule-breaking . If the issue is indeed a lack of resources at the regulator, Östlund remarks that the 75 million SEK lost in the Vaneo case could have funded plenty of financial inspectors to prevent such fraud . In other words, failing to police these bad actors is not saving money – it’s costing the public dearly.
Why this Matters for Investors
For readers of ESG-focused investment research, the governance and ethical aspect of this story is especially salient. The saga of Vaneo to Premium Capital is a cautionary tale about due diligence and the importance of a company’s social license to operate. No amount of green branding or slick marketing can compensate for a foundation of deceit. Investors concerned with ESG principles should consider the following takeaways:
-Background Checks:
Before trusting any financial advisor or firm, research their history. A simple check might reveal past company affiliations or news of legal troubles. In this case, a quick background search on the names involved in Premium Capital would uncover links to prior scandals .
-Unrealistic Promises:
Be wary of cold calls or unsolicited offers promising high returns with low risk, especially in exotic or unregulated products. This is a classic hallmark of fraud. Vaneo’s victims were enticed by “fine returns” on unlisted stocks – a promise that proved too good to be true .
-Regulatory Status:
Check if the firm is licensed and in good standing with regulators. If a company is operating without proper authorization (or principals have previously had licenses revoked), that’s a glaring red flag. As we’ve seen, losing a license didn’t stop these sellers – they just carried on without one .
-Demand Transparency:
Ethical businesses will be open about their ownership, team, and track record. If a firm’s website or representatives dodge questions about past ventures or who runs the company, investors should walk away. Premium Capital’s principals claim innocence and no connection to past frauds , yet they provide no acknowledgement of their roles at Vaneo/Global in the first place.
In the context of ESG, governance failures like this undermine market trust and hurt honest players. When scammers recycle themselves under new banners, it erodes confidence in the financial system. It also underscores why strong oversight and accountability are integral to sustainable investing. Investors expect companies to not only pursue profit, but to do so within ethical boundaries and transparent operations. Premium Capital’s story is a reminder that due diligence is non-negotiable : a shiny new nameplate on the door may be hiding skeletons in the closet.
Conclusion: Vigilance and Advocacy
The Premium Capital saga shows how easily financial fraudsters can regroup and target a new crowd, exploiting the gaps in regulatory enforcement. As investors and concerned observers, staying vigilant is our first line of defense. Don’t be swayed by high-return pitches without substantiation, and always verify who you’re dealing with. When patterns like these come to light, it’s also important to advocate for stronger regulatory action. Financial authorities must proactively monitor repeat offenders and shut down scams before they claim new victims. In this case, Sweden’s FI has been criticized for doing too little, too late .
For our investor network at ESGFIRE Premium Capital’s is a hard reminder of why we emphasize the “G” in ESG. Good governance, honesty, and accountability are not optional – they are the cornerstones of any investment worth our trust. By shining a light on these old fraudsters in new packaging, we can help protect our community from harm and push for a financial industry that truly deserves investors’ confidence .
Bottom line: Premium Capital may don a fresh facade, but its roots trace back to one of Sweden’s more egregious financial cons. Investors should approach such offerings with extreme caution – and regulators should ensure that “new wine in old bottles” does not continue to poison the well of public trust in finance. Stay informed, stay critical, and don’t let history repeat itself.
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