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  "documentTitle": "Nuvei Corp (NVEI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-12-09 00:00:00",
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  "notes": "The slide uses a red flag icon to signal a warning/contradiction. It contrasts official financial disclosures with missing public announcements and links key employees to alleged past misconduct.",
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      "text": "On Nov 1, 2018 Nuvei acquired Vantage Payment Systems LLC. The acquisition was disclosed in the prospectus. However, there is no evidence the deal was publicly announced and cannot be found on the Company's website under \"Press Releases\" or in its investor relations section for 2018 news.(1,2) $5m of \"goodwill'\" is attributed to its assembled workforce, but key employees have since left Nuvei in under two years.(3) As we'll explore further, at least three individuals affiliated with Vantage (Dustin Sparman, Nathan Shew, Moe Tassoudji) have been linked to multiple companies that have been characterized as Ponzi Schemes. Dustin Sparman of Vantage Payments appeared in marketing material for Nuvei and worked there for a period. Moe Tassoudji is still employed at Nuvei in a senior role.",
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      "text": "At least three individuals affiliated with Vantage (Dustin Sparman, Nathan Shew, Moe Tassoudji) have been linked to multiple companies that have been characterized as Ponzi Schemes.",
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      "text": "Nuvei leadership team headshots",
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      "text": "Excerpt from Nuvei prospectus regarding Vantage acquisition",
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      "text": "Source: Nuvei prospectus at SEDAR.com; 1) Investor relations 2018 news; 2) Nuvei Press Releases; 3) Sparman's LinkedIn Profile and Shew's LinkedIn Profile. Sparman spent 1 year and 8 months, while Shew spent 1 year and 1 month with Nuvei",
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      "text": "Source: Nuvei Partnership Guide, 2019, p. 18",
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      "text": "Vantage Payments",
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