Faruk Fatih Özer, founder of Thodex found guilty sentenced to 11,196 years

[Baofeng]

In a twist of faith, Faruk Fatih Özer, who is the founder of Thodex, a Turkish crypto exchange, was found guilty and sentenced to 11,196 years, r with $5-million fine.

Announcing its decision, the court panel sentenced detained defendants Faruk Fatih Özer, Güven Özer and Serap Özer to 11 thousand 190 years and 6 months each for the crimes of "establishing, managing and being a member of an organization", "qualified fraud" and "laundering of assets". gave a prison sentence.

https://www.aa.com.tr/tr/gundem/thodexin-kurucusu-faruk-fatih-ozerin-dolandiricilik-davasinda-karar/2986295

I used Google Translate

I think this is the biggest sentenced that I have heard involving scammers and criminals in the crypto industry and probably this is what we call justice as for sure they can't get out of jail and will be their for the rest of their natural life.

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[sokani]

In a twist of faith, Faruk Fatih Özer, who is the founder of Thodex, a Turkish crypto exchange, was found guilty and sentenced to 11,196 years, r with $5-million fine.

Announcing its decision, the court panel sentenced detained defendants Faruk Fatih Özer, Güven Özer and Serap Özer to 11 thousand 190 years and 6 months each for the crimes of "establishing, managing and being a member of an organization", "qualified fraud" and "laundering of assets". gave a prison sentence.

https://www.aa.com.tr/tr/gundem/thodexin-kurucusu-faruk-fatih-ozerin-dolandiricilik-davasinda-karar/2986295

I used Google Translate

I think this is the biggest sentenced that I have heard involving scammers and criminals in the crypto industry and probably this is what we call justice as for sure they can't get out of jail and will be their for the rest of their natural life.

I saw this on Twitter earlier today, I must say this is one the stiffest punishment I've ever seen. He has been charged with aggravated fraud, money laundering and leading a criminal organization. I'm not sympathizing with him, but isn't 11,196 years way too much? I don't know what the law says about crimes like this in Turkey, maybe they want to make an example of him. It gets even worse that his brother and sister share the shame fate with him. It serves them right, I'm glad justice is finally served and they are all going rot to in jail.

[zasad@]

An article has already appeared in English.
https://cryptonews.com/news/turkish-crypto-exchange-thodex-ceo-receives-11196-year-jail-term-for-fraud-and-money-laundering.htm

According to rumors, the exchange stole 2.5 billion dollars.

For comparison, in Russia, the last major fraud is the financial pyramid Finiko. They stole from 1 to 4 billion dollars, the exact amount cannot be determined, because officials and other government employees will not report losses, otherwise they will be fired from their jobs and the tax authorities will check their income.

So, the maximum criminal liability for such a crime in Russia is 10 years in prison.

article in Russian
https://forklog.com/news/piramida-finiko-priostanovila-vyplaty-i-potrebovala-personalnye-dannye-polzovatelej

[Baofeng]

In a twist of faith, Faruk Fatih Özer, who is the founder of Thodex, a Turkish crypto exchange, was found guilty and sentenced to 11,196 years, r with $5-million fine.

Announcing its decision, the court panel sentenced detained defendants Faruk Fatih Özer, Güven Özer and Serap Özer to 11 thousand 190 years and 6 months each for the crimes of "establishing, managing and being a member of an organization", "qualified fraud" and "laundering of assets". gave a prison sentence.

https://www.aa.com.tr/tr/gundem/thodexin-kurucusu-faruk-fatih-ozerin-dolandiricilik-davasinda-karar/2986295

I used Google Translate

I think this is the biggest sentenced that I have heard involving scammers and criminals in the crypto industry and probably this is what we call justice as for sure they can't get out of jail and will be their for the rest of their natural life.

I saw this on Twitter earlier today, I must say this is one the stiffest punishment I've ever seen. He has been charged with aggravated fraud, money laundering and leading a criminal organization. I'm not sympathizing with him, but isn't 11,196 years way too much? I don't know what the law says about crimes like this in Turkey, maybe they want to make an example of him. It gets even worse that his brother and sister share the shame fate with him. It serves them right, I'm glad justice is finally served and they are all going rot to in jail.

Perhaps projects or at least those who are thinking to established crypto businesses in Turkey will have to think twice about it, hhehe. Otherwise, they will really be in jail for a long time and maybe no chance to get out.

Yes, as what zasad@ said, it's $2 billion dollars that time, so that is huge amount of money maybe in Turkey and many have been victimized by this crypto exchange that's why the heaviest penalty that can be served for Faruk Fatih Özer has been handed down by the court.

[redhack]

I think this is the biggest sentenced that I have heard involving scammers and criminals in the crypto industry and probably this is what we call justice as for sure they can't get out of jail and will be their for the rest of their natural life.

Don't be so sure. It's Türkiye, any jail time can be lowered. Corrupt politicians do anything when money involves.

Just the other day the terrorists were released from prison. Fraudsters don't spend much time in jail.

[Zoomic]

In a twist of faith, Faruk Fatih Özer, who is the founder of Thodex, a Turkish crypto exchange, was found guilty and sentenced to 11,196 years, r with $5-million fine.

I have sought for an opportunity to ask this, I have idea of the law as it applies to my country but I do not have a good knowledge of the international law. I have read that someone was sentenced for 600yrs but this is the highest I have seen. My question is, why not call it life imprisonment? Why mentioned 11,196 years knowing the victim cannot stay till this year?

Don't be so sure. It's Türkiye, any jail time can be lowered. Corrupt politicians do anything when money involves.

Just the other day the terrorists were released from prison. Fraudsters don't spend much time in jail.

I don't think it can happen in this matter because this has got international publicity.

[yhiaali3]

I don't think it can happen in this matter because this has got international publicity.

Even if the news receives international media coverage, this is not a big problem for powerful corrupt politicians, they always have solutions ready for any problem as long as the money is there.

Here in my country, for example, we still have death sentences. However, there are many incidents where criminals were able to escape the death sentence if they had money or their relatives were high-ranking politicians or children of high-ranking officials.

Everything can be done with money and political power.

[Zoomic]

I don't think it can happen in this matter because this has got international publicity.

Even if the news receives international media coverage, this is not a big problem for powerful corrupt politicians, they always have solutions ready for any problem as long as the money is there.

Here in my country, for example, we still have death sentences. However, there are many incidents where criminals were able to escape the death sentence if they had money or their relatives were high-ranking politicians or children of high-ranking officials.

Everything can be done with money and political power.

It is surprising to understand that the government is similar in different countries. They have that single aim of printing money and more money to fight inflation. They have no strong solution. It seems that political corruption is universal.
I haven't witnessed the swap of someone who was supposed to die by life imprisonment or capital punishment, but I have watched in movies as it happened.
I agree with you that it is not difficult for corrupt politicians to do especially as it relates to cryptocurrency where many things are inconsistent including the laws.

[avikz]

This is surely one of the toughest imprisonment I have heard ever in my life. I am sure the Turkish government is trying to establish a social example through this judgement.

Someone mentioned that it can be changed due to the political influence. But this is really absurd. I really want fraudsters to spend time behind the bars for the wrongdoings they have committed. But if the crypto businesses are specifically targeted, that's not right either.

[zasad@]

Perhaps projects or at least those who are thinking to established crypto businesses in Turkey will have to think twice about it, hhehe. Otherwise, they will really be in jail for a long time and maybe no chance to get out.

Yes, as what zasad@ said, it's $2 billion dollars that time, so that is huge amount of money maybe in Turkey and many have been victimized by this crypto exchange that's why the heaviest penalty that can be served for Faruk Fatih Özer has been handed down by the court.

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

[Fiatless]

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman.  I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

[ajiz138]

A prison sentence of 11,196 years is all I have ever heard of at this time, and I learned this news a few days ago from international and local media.

Don't be so sure. It's Türkiye, any jail time can be lowered. Corrupt politicians do anything when money involves.

No wonder...
If Faruk Fatih Özer still had a lot of money and could lobby politicians, maybe his prison term could be reduced drastically, but I don't know what the actual law is in Turkey. Yes, there are always corrupt officials in every country.

[zasad@]

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman.  I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

From public information, this looks like an exit scam. There is no information about the cyber attack at all about who did it and how much money was stolen. Faruk Fatih Ozer also had connections with many famous politicians in Turkey and was able to hire lawyers and sue.
https://databankfiles.worldbank.org/public/ddpext_download/GDP.pdf
Turkey's GDP is $905 billion in 2022, but if you do not take into account the financial sector, in which nothing is produced, but only redistributed, then at least 35% of this value can be deducted from any country.
And some fraudster stole several billion dollars. For this, one should be tried on charges of treason.

[Baofeng]

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman.  I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two.

I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers.

But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk.

[zasad@]

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman.  I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two.

I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers.

But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk.

What do you expect to be the next move?
Some assets were frozen in banks when the exchange stopped making withdrawals of user funds.
The fraudster had to spend some of the stolen money on bribes in other countries to ensure security.
The remaining cryptocurrencies should be confiscated by the Turkish government.

[sokani]

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman.  I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand where you're coming from and my heart goes to the parent, it's not easy to have 3 children locked up for life. Lets not be in a hurry to forget that some of the victims of the scam were also breadwinners of their families, some must have had their life savings or part of it on the exchange. Some victims probably would have fallen into depression, heart attack, stroke or even died. I don't know if the government wants to make an example of him but from a quick search on the Internet, I got to know that Turkey has been dishing out extraordinary sentences since the abolition of death penalty in 2004.

[Dave1]

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman.  I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand where you're coming from and my heart goes to the parent, it's not easy to have 3 children locked up for life. Lets not be in a hurry to forget that some of the victims of the scam were also breadwinners of their families, some must have had their life savings or part of it on the exchange. Some victims probably would have fallen in depression, heart attack, stroke or even died. I don't know if the government wants to make an example of him but from a quick search on the Internet, I got to know that Turkey has been dishing out extraordinary sentences since the abolition of death penalty in 2004.

There's always 2 side of the stories here, sure he might be portray as a good son to his mother. But we should not forget how brutal his crime his, I mean they even doesn't know who their victims were, they could be bread winners or just regular and average joe like the rest of us who trade on exchanges that we though that we can trust and that they would exit scam and bring our money with them. But this is what they have done, the verdict has been issued already, of course in legal, they can do whatever they want to have a second chance, but I guess the verdict will be final.

[Lucius]

It is not disputed that a man should be punished if he is proven guilty, but I have never understood the point of such long-term sentences, considering that people live on average less than 100 years in ideal conditions. Maybe when he dies, they will bury him inside the prison walls and keep him that way for the next 11 000+ years?

Justice is that the man responsible for the crime is in prison, but the sentence in itself has no meaning and it wouldn't make any difference if they sentenced him to 100 years in prison without the possibility of parole. If Bankman and Kwon had found themselves in that country, they would probably have received 100 000 years in prison each individually.

[Baofeng]

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman.  I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two.

I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers.

But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk.

What do you expect to be the next move?
Some assets were frozen in banks when the exchange stopped making withdrawals of user funds.
The fraudster had to spend some of the stolen money on bribes in other countries to ensure security.
The remaining cryptocurrencies should be confiscated by the Turkish government.

Probably the usual filing after he was found guilty, maybe more documents to show that he didn't intentionally run and play with the millions of money or his customers. But it's moot already, I don't think that the sentencing will chance.

@Lucius - probably it's just a way by the court that he will die in the jail already as there are no death sentence in Turkey if I'm not mistaken. And it's likely that Turkey could have one of the toughest law for defrauding investors and laundering assets.

[Potato Chips]

What if I tell you the authorities were actually aiming to sentence him for 40,000 years? lmao, see: https://www.tomshardware.com/news/thodex-crypto-exchange-founder-busted-faces-40000-years-in-jail -- a year old article

These figures are bonkers I know, but this reminded me of multiple life sentences for people with multiple charges, perhaps the concept is similiar in turkish law.

This is a common punishment for a defendant convicted of multiple murder in the United States. Depending on the jurisdiction in which the case is tried, a defendant receiving a life sentence may become eligible for parole after serving a minimum length of time, on the order of 15–25 years. If a back-to-back penalty is imposed, the defendant must serve that minimum for every life sentence before parole can be granted. Such a penalty also ensures that even if some of the murder convictions are overturned on appeal, the defendant must still serve the sentences for the ones left standing.

I don't think it's wrong that Turkey is being harsh on these people, they deserve it with the amount of damage they caused to many people.