Poland court finds pyramid scheme founders guilty of fraud
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Poland court finds pyramid scheme founders guilty of fraud

The Provincial Court in Gdansk, northern Poland, on Monday found two founders of a notorious pyramid scheme guilty of fraud for cheating thousands of people out of their savings, worth $219 million.

The scam, called Amber Gold, cheated some 19,000 investors out of over 850 million zlotys (USD $220.91 million) between 2009 and 2012. Almost 800 witnesses testified in the case, which opened before the court in 2016, and on Monday the court was reading out the names of the victims.

The Polish court also found the two individuals, identified as Marcin P. and his former wife, Katarzyna P., guilty of misleading clients by advertising as a savings bank, only to cause them losses. The court found them failed to obtain the required permits.

The two convicts have pleaded not guilty. The final verdict will be announced at a later date.