Spain: 11 Imprisoned Over Multi-Billion Dollar Pyramid Scheme

News

Spain's National Court sentenced 11 company executives to prison on Wednesday over a pyramid scheme that saw nearly 200,000 people cheated out of billions of dollars.

Related Articles

Fighting Against Crude Oil Theft, Nigeria Dismantles 63 Illegal Refineries
Nigerian authorities arrested 16 suspects and seized 63 illegal refineries across the country in a week-long operation aimed at combating crude oil theft, which has plagued the oil industry for years.
Ransomware Kingpin Extradited to U.S. Faces Decades in Prison
Poland has extradited a Belarusian-Ukrainian cybercrime suspect to the United States, where he could face decades in prison for allegedly masterminding a global ransomware and wire fraud scheme under the alias “J.P. Morgan.”
Singapore Charges Ex-Bankers with Abetting $2.2 Bn Money Laundering Ring
Singapore charged two bankers Thursday for their alleged role in abetting clients responsible for a US$2.2 billion money laundering ring, marking the first time that criminal charges have been laid against finance professionals since the scandal came to light.
Fighting Against Crude Oil Theft, Nigeria Dismantles 63 Illegal Refineries
Nigerian authorities arrested 16 suspects and seized 63 illegal refineries across the country in a week-long operation aimed at combating crude oil theft, which has plagued the oil industry for years.
Ransomware Kingpin Extradited to U.S. Faces Decades in Prison
Poland has extradited a Belarusian-Ukrainian cybercrime suspect to the United States, where he could face decades in prison for allegedly masterminding a global ransomware and wire fraud scheme under the alias “J.P. Morgan.”
Singapore Charges Ex-Bankers with Abetting $2.2 Bn Money Laundering Ring
Singapore charged two bankers Thursday for their alleged role in abetting clients responsible for a US$2.2 billion money laundering ring, marking the first time that criminal charges have been laid against finance professionals since the scandal came to light.
July 28th, 2016
Cybercrime Fraud


The executives of Afinsa Bienes Tangibles S.A. were ordered to pay € 2.57 billion euros (US$ 2.86 billion) in compensation for the scheme, which was shut down by police in 2006. 

The court found the company had defrauded 190,022 small investors by promising them higher than market returns for the purchase of stamps, which the company pledged to then resell on the market. Instead, 150 million of the overpriced stamps accumulated in the company’s warehouses, while investors were encouraged to bring new people in on the scam. 

The company’s former president, Juan Antonio Cano Cuevas, received the highest sentence of 12 years and 10 months imprisonment.