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

[zasad@]

https://www.theregister.com/2022/12/20/crypto_ponzi_scheme_cofounder_pleads/
OneCoin co-founder pleads guilty to $4 billion fraud

https://www.theblock.co/post/250564/one-coin-co-founder-sentenced-to-20-years-and-fined-300-million
"Karl Sebastian Greenwood, who co-founded OneCoin in 2014 with the so-called “Crypto Queen” Ruja Ignatova, was sentenced to 20 years on Tuesday.

OneCoin founder Karl Sebastian Greenwood was sentenced to 20 years in prison after prosecutors accused him of cheating 3.5 million people who invested in OneCoin and using the money for five-star resorts, a private plane and a yacht.

Greenwood, 46, was sentenced on Tuesday and was ordered to pay $300 million, the U.S. Attorney’s Office for the Southern District of New York said in a statement. Greenwood had previously pleaded guilty to wire fraud and money laundering."

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Everywhere the legislation is different..

[1715168615]

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[Baofeng]

https://www.theregister.com/2022/12/20/crypto_ponzi_scheme_cofounder_pleads/
OneCoin co-founder pleads guilty to $4 billion fraud

https://www.theblock.co/post/250564/one-coin-co-founder-sentenced-to-20-years-and-fined-300-million
"Karl Sebastian Greenwood, who co-founded OneCoin in 2014 with the so-called “Crypto Queen” Ruja Ignatova, was sentenced to 20 years on Tuesday.

OneCoin founder Karl Sebastian Greenwood was sentenced to 20 years in prison after prosecutors accused him of cheating 3.5 million people who invested in OneCoin and using the money for five-star resorts, a private plane and a yacht.

Greenwood, 46, was sentenced on Tuesday and was ordered to pay $300 million, the U.S. Attorney’s Office for the Southern District of New York said in a statement. Greenwood had previously pleaded guilty to wire fraud and money laundering."

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Everywhere the legislation is different..

Thanks for the update, true, everywhere law is very different, just like in this case, he ran away will million and yet the founder was only sentence to 20 years. So meaning he might have a chance to get out still and maybe can get out early if he shows good deeds then he can file for a parole and not do his full sentences.

As compare to this case, he will definitely not see the light of day because of that kind of sentencing and could be rotten in day.

But at the end of the day, justice is served.

[Lucius]

@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.

However, such a number of years is a sentence that makes no sense to me personally, because as I have already written, it would be enough if they sentenced him to 100 years in prison without the possibility of a pardon, or even without the possibility of a pardon until 2/3 of the sentence has expired, which would be approximately in 66 years.

In any case, this would mean that the convict will remain in prison for life, of course if he does not escape from prison or the law is not changed in the meantime and, for example, he receives a pardon from the president or prime minister, as is usually the case in some countries.

[zasad@]

In Russia, the maximum sentence for such fraud is 10 years, but you can be released on parole for good behavior and serve more than 2/3 of the prison term.This is a case study about the Finiko financial pyramid.
In the USA, 20 years in prison are given for such crimes.
After this practice, scammers will probably be afraid to organize financial pyramids in Turkey.

[Baofeng]

@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.

However, such a number of years is a sentence that makes no sense to me personally, because as I have already written, it would be enough if they sentenced him to 100 years in prison without the possibility of a pardon, or even without the possibility of a pardon until 2/3 of the sentence has expired, which would be approximately in 66 years.

In any case, this would mean that the convict will remain in prison for life, of course if he does not escape from prison or the law is not changed in the meantime and, for example, he receives a pardon from the president or prime minister, as is usually the case in some countries.

I guess reason for that huge sentence is that maybe the convict can't give apply for a parole after a certain period of time, (I'm not a lawyer though). And yes, it migh be case to case basis for some countries. It's just that Turkey has a harsher punishment, again this is just my speculation, maybe it has something to do with their religion as the country is predominantly Muslim. And so it is very very strict in handling punishment on criminals.

As for giving pardon, I read that it's rare in Turkey as wel.

[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.

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.

In any criminal case there is an amount of damage and people who wrote a statement to the police. For various reasons, not all people write statements to the police, but without this, the damage to exchange users in this case is enormous.
Next we see an attempt to hide from the country and from prosecution.

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Some people try to make references to US law, but they don't understand how US law works.
In the USA there are very long prison sentences for financial crimes, and to avoid this, the criminal is forced to cooperate. This means returning all the stolen money and surrendering all accomplices. Only then can criminal receive an adequate prison sentence.

[zasad@]

https://twitter.com/ChainArgos/status/1737404907580444678
"1/4
@Tether_to
 just blacklisted 6 new wallets:

On Ethereum:

- 0x691169914a13465bd9528292f8fbdd0301354941

- 0x6d82a3743261e0ac77116f4cf153338bec3c69c6     

- 0x016a2046689fc94eec7d23545693bc7b81dbabd1

- 0x873e288d432d1e8dd93defa63406fd9a80580491

- 0xf2f3fa6d045bba08434b5be56f43cffe76a5979f

On Tron:

- TFiiRbCfZ97oHmbYAqp1dLs7SUZyKBVjtU"

"2/4 Based on the #Ethereum addresses, there are a handful of suspicious transfers that may or may not be linked to the #Finiko pyramid scheme, but otherwise nothing that appears out of the ordinary."

"3/4 The #TRON address appears to do even less. With a single inbound transfer from
@bitfinex for about $7k in $USDT."

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Finiko is one of the largest financial scams in Russia, which deceived people out of several billion rubles, but the exact amount has not yet been calculated.
A few years later, Tether began blocking wallets.