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spain
Stamp fraud pyramid accused sentenced
A court in Madrid yesterday announced sentences of between six month’s to 12 years and four month’s imprisonment for 20 of the 27 accused in the so-called Fórum Filatélico fraud case involving a ponzi scheme to attract investment in the purchase of rare and valuable stamps. The scheme defrauded more than 200,000 people, some of whom invested their life’s saving. The maximum sentence was handed down to the former CEO of the company, Francisco Briones, along with a €49.7 million fine.
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