The 53-year-old speculated online for more than two million euros. He did not inform his investors about the losses, but invested their money heavily. Now the man was sentenced to three years in prison for serious fraud.
For him, 200,000 euros quickly turned into 700,000 euros. The fact that he managed to win around thirty investors from his circle of acquaintances and friends for his online stock market transactions with these profit prospects does not come as a surprise to the Public Prosecution Service and the defense. “When there is a lot of money on the horizon, your thoughts stand still,” the 53-year-old explains at the regional court in St. Pölten. And pleads guilty from the start.
It all started with naive interest, then grew into passionate enthusiasm, until it finally ended in personal downfall and ultimately in court. The 53-year-old’s speculative transactions not only earned him a charge of serious fraud, but also a loss of 2.2 million euros.
The suspect himself filed a report
The Viennese resident came into contact with the subject by chance in 2015 and trained himself as a ‘wealth advisor’ through online seminars. “I’ve been working on it all day. The pressure was enormous. At a certain point it became too much for me,” the suspect said during the trial. The computer specialist made a self-report. Unfortunately too late.
At that point, he had been fraudulently sending numerous emails with false profit information to his friends and acquaintances for months and not informing them of his losses. That is why investments remained strong: in November last year it was around 50,000 euros. “You’re still stuck in the spiral. But if it were that easy, we wouldn’t have money problems,” said Ms Rat, sentencing the 53-year-old to three years’ partial imprisonment – legally binding.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
