Fruad seems to put this stock to pasture

CEO caught for fraud. The real business is much smaller. Lets see where the story ends.

They story.

What the Allegations Are

1. Misleading Investors / Market Manipulation
   • Intellego’s CEO, Claes Lindahl, has been arrested on suspicion of gross fraud (grovt svindleri). MFN+2placera.se+2
   • The Swedish Economic Crime Authority (Ekobrottsmyndigheten) seized 100 million SEK from the company’s cash reserves. MFN+2TradingView+2
   • The allegations are specifically tied to Intellego’s press releases and quarterly reports in 2025, meaning the accusations relate to what the company has communicated to the market. placera.se+2placera.se+2
   • According to FI (Finansinspektionen), the market didn’t have enough “sufficient information” about Intellego, which raises concerns about transparency. Sweden Herald
2. Accounting / Revenue Recognition Concerns
   • There are suspicions around how Intellego accounts for its revenues: the CEO’s arrest is linked to the company’s intäktsredovisning (i.e., how they report income). placera.se
   • Critics have pointed to “aggressive accounting”: a large share of reported revenues might not be cash-based or short-term — for instance, some invoices are expected to be paid only after 2 years. Omni Ekonomi
   • A German analyst firm (Montega) argues that Intellego’s financial reporting lacks transparency. They say the company’s operating cash flow is heavily influenced by factoring of EKN-guaranteed receivables, and without that factoring, the cash flow would have been negative. Omni
   • Because of these concerns, Montega claims it’s “still impossible to make a reliable valuation” of the company. Omni
3. Regulatory / Governance Breaches
   • In 2024, Nasdaq Stockholm’s Disciplinary Committee fined Intellego ~SEK 2.2 million for repeated breaches of market rules (First North rulebook + EU Market Abuse Regulation). Mondo Visione+1
   • The violations included:
     • Not disclosing a correct financial report in time. Mondo Visione+1
     • Not properly explaining consolidation of an acquisition (Daro Group) in its interim report. Intellego Technologies
     • Giving incorrect identity for a counterparty in an order announcement. Intellego Technologies
     • Failing to timely disclose a change of its “Certified Adviser.” Intellego Technologies
     • Other transparency issues in press releases and web disclosures. Intellego Technologies
4. Leadership and Trust Issues
   • The CEO, Claes Lindahl, is not only suspected of fraud but is also the largest shareholder. That creates a potential conflict of interest. SvD.se+1
   • Intellego’s board has pushed back, claiming some of the negative reports are “misinformation” or potentially market manipulation. Intellego Technologies
   • However, there are broader concerns voiced by investors and analysts: e.g., rapid turnover in the finance team (CFO leaving), a big percentage of revenues coming from just a few clients, and a very small sample size for many contracts. Omni Ekonomi

Why This Is a Big Deal / Risk

• Investor Risk: If the allegations are true, some of the revenue Intellego has been reporting may not be real or may be recognized too early. That misleads investors about how healthy the business really is.
• Regulatory Risk: The seizure of 100 M SEK is large. If convicted, Intellego or its leadership could face major legal consequences.
• Valuation Risk: Because of the accounting and transparency concerns, credible analysts are warning that the company’s valuation could be materially off.
• Market Trust: The combination of suspected fraud, prior regulatory fines, and possible market manipulation could severely damage Intellego’s reputation and ability to raise money or operate normally.