Pavel Burian
Yesterday CelebrityPolice bust CZK 1 billion Ponzi scheme
Police have charged three people with running a Ponzi scheme that defrauded investors over CZK 1 billion.
The suspects ran their Ponzi scheme under the name JO Investment. They offered stock investment services on global stock markets and promised sky-high returns. But instead of investing clients money, they used them to fund their lavish lifestyle. The group successfully conned over 2,000 people.
They reported fake investments to their victims on the stock exchanges in the USA, Europe, and Asia. Some investors received profit payouts of 30% to 100%, which was paid using capital from new clients. Clients who saw some success would unwittingly help recruit new victims.
Police seized property worth over CZK 1 billion, including gold bars, a Ferrari, and a BMW.
Credit: Blesk