Afinsa
A collectible-asset business built around promised repurchases, internal pricing and dependence on new money; followed by criminal, insolvency and cross-border proceedings.
Look closer.
The decisions that shape our lives deserve careful examination.
We trace what happened, test the evidence and develop practical ways forward. Research, analysis, policy and education serve a shared public purpose.
Start with the human stakes
Behind the record,
a life affected.
Savings entrusted to a company. A warning that should have prompted a closer look. An opportunity to learn or prepare for a profession.
Our work begins with what a decision means for the people who live with it. Then we examine the evidence, the responsibilities involved and the possibilities for improvement.
Our standards of inquiryOne Foundation. Connected capabilities.
From a question
to a way forward.
Explore how each part of the work contributes.
What actually happened?
Start with the people affected and the decision that changed their circumstances. Reconstruct the events, find the original records and establish who was responsible for what.
Explore the researchIn the work / Afinsa
Read the promises made to investors alongside the contracts, company records and subsequent findings.
Read the case studyWhat this producesA source record that another reader can examine.
What does the evidence support?
Read each exchange in context. Examine the connections, test competing explanations and preserve the evidence that challenges a finding. State clearly what remains uncertain.
Follow our analysis processIn the work / Coingate
Follow the investment warning through the people who received it and the decisions that came afterward.
Read the case studyWhat this producesAn explanation with its supporting evidence and limits.
What could work better?
Carry documented findings into practical options. Identify who could act, what implementation would require and how a proposal could be evaluated before it is adopted.
Read the policy analysisIn the work / The Stanford fraud
Examine what the Stanford record shows about consequential warnings, referral decisions and responsibility between institutions.
Read the proposalWhat this producesA recommendation with responsibilities, tradeoffs and measures.
Education extends the work through case-based learning, scholarships and professional preparation.
Education & opportunityThe practice, in detail
Explore the work.
Follow a case, examine its sources or explore the ideas it raises.
Exploreacross.
18selected entries
Case Studies
Documented events, decisions and consequences.
Coingate
How Ohio workers’ compensation money entered privately managed coin funds; how records exposed misuse; and why liquidation proceeds do not erase theft.
The Stanford fraud
Offshore certificates of deposit, concealed uses of investor money, repeated regulatory warnings and recovery proceedings spanning several jurisdictions.
Spectrum Wine
The 2012 Spectrum–Vanquish London auction, its connection to Rudy Kurniawan’s counterfeit-wine prosecution, and the corporate link to Afinsa.
Research
Sources, research practice and continuing inquiry.
The source record
Explore 174 cited records and the passages they support across the published studies.
Standards of inquiry
A consistent approach to original records, attribution, uncertainty and correction.
Research briefing
Follow questions of institutional oversight, implementation and accountability.
Analysis
Three connected stages of evaluation.
01 / Analysis
Understand the issue
Define the questionEstablish the context, the people and institutions involved, and the questions the research must answer.
02 / Analysis
Test the evidence
Examine the recordInvestigate sources in depth, test competing explanations and document each connection supporting a finding.
03 / Analysis
Develop recommendations
Develop a responseEvaluate options and prepare a documented recommendation for Policy & Initiatives to develop and implement.
Policy & Initiatives
Case-specific proposals for evaluation.
From Afinsa
Repayment protection
Published policy analysisThe distinction between a repayment promise, the value of the underlying assets and the protection available to a buyer.
Published policy analysis
From Coingate
Investment oversight
Published policy analysisWhat the Coingate record shows about the coverage, independence and follow-through of investment oversight.
Published policy analysis
From The Stanford fraud
Referral accountability
Published policy analysisHow the Stanford record connects examination findings, referral decisions and institutional responsibility.
Published policy analysis
From Spectrum Wine
Auction evidence and buyer protections
Published policy analysisWhat inspection access, authenticity assurances and review procedures mean for buyers in the Spectrum Wine record.
Published policy analysis
Education & Scholarships
Learning, scholarships and student support.
Learning through case studies
Use documented decisions, competing explanations and discussion questions as material for learning.
Scholarships
Academic, technical and professional pathways that connect learning with public benefit.
Student support
A place to discuss educational plans, preparation and support needs.
About
The institution behind the work.
About Figure Eleven
Research, analysis, policy development and education connected by a commitment to careful inquiry.
Continue the inquiry
A question begins
a longer conversation.
Research develops the record. Analysis examines what it means. Policy & Initiatives develops supported findings into practical options. Education brings the work into wider use.
Explore our approach