Over 1.4 million Euros in damages: Five-and-a-half years imprisonment for investment fraudster
According to the court, the Accused made payments to investors only into his own accounts or accounts of his companies. In some cases, he therefore used these, in the sense of a fraudulent pyramid scheme, to pay out alleged interest to victims. In one case alone, the damage for the affected party was 400,000 Euro. The court collected a total of approximately 1.7 million Euro in damages from the Defendant.
The Investment fraudster claimed to manage investments for four years, promising high returns to attract more clients. However, the actual damage to one victim amounted to five and a half millions of Euros during this period. Despite the court's ruling, the defendant only managed to pay back a fraction, approximately one million Euro, to some victims. More worryingly, the court discovered that the defrauded parties collectively lost seven times the amount the court could recover.
