Couple behind Poland's major pyramid scheme given prison sentences
Marcin P. and his wife Katarzyna K. (names withheld under Polish law), who ran the high-profile Amber Gold pyramid scheme, were handed prison sentences of 15 and 12 and a half years, respectively, by a Polish regional court.
Launched in 2009, the Amber Gold shadow bank promised to invest clients' money in gold and other precious metals, but proved to be a Ponzi scheme which scammed more than 18,000 of its clients out of a total of PLN 851 mln (EUR 198 mln). The Amber Gold case proved to be one of Poland's biggest financial scandals.
The trial of the couple started in March 2016.
In the Wednesday verdict, the court said the couple were guilty of the main charge, i.e. fraud, but Marcin P. still faces three other charges and his wife, nine. These include running a shadow bank and money laundering.
In 2011, Amber Gold acquired majority stakes in Jet Air, OLT Germany and Yes Airways to establish the low-cost airline OLT Express, but in July 2012 the carrier ran into financial trouble. The parent company is said to have invested PLN 300 mln (EUR 70 mln) in the airline venture. In August 2012, Amber Gold announced its liquidation, leaving its clients with no savings. (PAP)
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