The Regional Court in Jelenia Góra, a city in south-western Poland, handed prison sentences and fines to two individuals charged with extorting more than 2.5 million złoty ($672,900) from investors.
According to a report from Forbes published on Tuesday, the court, which shared the position of the public prosecutor, found both defendants in the case, Mariusz O., and Robert S., guilty.
O. was sentenced to seven years in prison and fined 14,000 złoty ($3,768), while S.was sentenced to four years and four months in prison and fined 9,200 złoty ($2,476).
The court also ordered the men to compensate for the damage they inflicted on the scammed investors. Furthermore, they have also been ordered to pay the costs of the proceedings. According to a press release published by the National Public Prosecutor’s Office on Tuesday, the judgment has not yet become final.
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According to the report, as part of the pair’s business activity on the forex markets, they offered and concluded investment contracts either in person or through third parties. Through their activities, they managed to earn 2,523,500 złoty ($679,225) from the scammed investors.
The men told their clients that the risk of the investments was not higher than five percent. However, the investments were associated with a 100 percent risk – a fact they did not tell their clients. S. and O. also promised a return of up to 60 percent.
Over time, the money of the victims was only invested partially. The rest of the money was used to pay interest to customers who invested at the beginning, and the rest was used by the men for personal purchases.
Third Suspect on the Run
A third suspect, Marcin Ł., also took part in the scam but is currently on the run. According to the report, Ł. first hid in Spain, afterward fleeing to the Canary Islands. The matter has been handed over to Polish Law enforcement authorities.