CandleFocus Austrian crypto scammers blew thousands on clubbing, hookers, shark tank
2024-10-23
Author: Content Editor
Five people in Austria have been sentenced to jail for their involvement in a $16 million pyramid scheme that deceived 40,000 victims into investing in real estate and cryptocurrency. The defendants, including the stepson of an unnamed celebrity, promised investors large profits if they put their money into property and traded cryptocurrencies. However, the accused individuals allegedly kept the funds and spent them on luxury cars, private jets, prostitutes, and even a shark tank. The scheme was described as Austria's largest ever fraud trial, with 11 individuals facing trial. The gang's tactics, such as using plastic bags to transport money and exchanging funds through crypto platforms, made it challenging for law enforcement to track the money. Five of the accused were sentenced to jail time, while another five were acquitted.
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