Bloomberg – K1 Group founder Helmut Kiener was convicted of defrauding investors with a 345-million euro ($497 million) Ponzi scheme and sentenced to 10 years and eight months in prison.
Kiener, 52, was found guilty of fraud, forgery and tax evasion by a court in Wuerzburg, Germany. Kiener in April confessed to using new investors’ money to make up for losses in the wake of the financial crisis and to having manipulated some account statements.
