K1 founder charged with fraud for Ponzi scheme

first_img KCS-content K1 founder charged with fraud for Ponzi scheme Tags: NULL whatsapp Share More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Tuesday 16 November 2010 7:55 pmcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald HELMUT Kiener, founder of German hedge fund group K1, is being charged with fraud, forgery of documents and tax evasion more than a year after he was arrested in a multi-million-dollar investigation.He is accused of having swindled investors out of about €345m (£293.6m) with an elaborate Ponzi scheme, the public prosecutors’ office in Wuerzburg, Germany, said in a statement yesterday. Kiener was arrested in October 2009 as authorities said Barclays and BNP Paribas may have lost millions of dollars in the case, which prosecutors said spanned the Atlantic and featured lavish personal spending on planes, a helicopter and luxury properties. Investors were duped into investing in funds K1 Global and K1 Invest by pretending the funds were posting significant profits and would continue to do so, even though both of them had suffered “massive losses”, the prosecutors’ office said. Show Comments ▼ whatsapp last_img