Former Head Of Baumag Sentenced To Prison In Hungary
- 13 Mar 2012 8:00 AM
"The Budapest Municipal Court yesterday sentenced László Balázs, the former head of investment co-operative Baumag, to seven years in prison, after finding him guilty of misuse of funds, fraudulent bankruptcy, illegal financial activities, investment fraud and violating accounting rules. Other suspects received suspended terms and fines.
Baumag operated a Ponzi scheme posing as an investment vehicle. The number of its victims reached 13,000 and the unpaid capital and interest amounted to Ft 40 billion."
Source: Hungary Around the Clock
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