Seven participants in the Ukrainian financial pyramid were convicted in Moscow
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The Chertanovsky Court in Moscow sentenced seven participants of a Ukrainian financial pyramid operating under the name Forex MMCIS group to imprisonment for terms of five to eight years.
According to Kommersant, the convicts worked in the Moscow branch of a bankrupt broker. The court found that instead of the promised management of clients’ money, all funds were transferred to offshore companies, and investors were sent fake reports about their supposed growth in wealth.
Several hundred people were recognized as victims in the case, whose losses are estimated at approximately half a billion rubles, but the real number of victims and the size of their losses may be much higher.
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