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  ROUNDUP: Allegation of Investment Fraud – Police Raids on Property Managers | News | Bit Updates
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ROUNDUP: Allegation of Investment Fraud – Police Raids on Property Managers | News

Thursday, February 8th, 2018 | bitcoin updates

BERLIN (dpa AFX) – Police and prosecutors have proceeded with a large raid against an asset managers company network. It is about the charge against eight accused of fraud by investors with a high double-digit million loss, as the Berlin police announced on Thursday. The suspects are promised high profits and so have collected from 2300 investors in Germany and Switzerland 300 million euros. Based on a so-called snowball or Pyramidensystem.In eight cities or communities investigated by law enforcement officers and prosecutors already on Tuesday twelve apartments or other rooms. Most of the searches were in Berlin, others in Munich and Leipzig. Affected were also smaller communities in West and East Germany. The investigators seized extensive evidence and assets totaling more than 80 million euros. So far, none of the eight suspects has been arrested. Apparently, the Kripo and prosecutors want to evaluate computers and account documents before applying for arrest warrants. According to the police, the asset managers promised security to investors by depositing them on a trust account of an accountant. The actual use of the funds had been "deliberately obscured by nested legal forms and fiduciary designs," police said. The promised profits were neither achieved nor disbursed. "There is a suspicion that disbursements have been generated solely from the assets of new investors in a so-called pyramid scheme." In the model of a pyramid scheme, operators need an ever-increasing number of participants – like a snowball rolling down a hillside and through new snow is getting bigger. The additional investors pay money, part of which is paid out to investors who joined earlier. If there are no new investors, the system eventually breaks down./rab/DP/nas


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