11 jailed in spain stamp scam one of countrys biggest frauds
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

11 jailed in Spain stamp scam, one of country's 'biggest frauds'

Arab Today, arab today

Arab Today, arab today 11 jailed in Spain stamp scam, one of country's 'biggest frauds'

A Spanish court said the scam, which saw Afinsa sell low quality
Madrid - AFP

Spain's top criminal court said Wednesday it had sentenced 11 former executives of stamp firm Afinsa to up to 12 years in jail for their role in a vast scam that ruined thousands of savers.

The Madrid-based Audiencia Nacional also ordered six of the accused to pay 2.57 billion euros ($2.8 billion) in compensation for the losses incurred by investors -- including former Afinsa president Juan Antonio Cano, who was sentenced to 12 years and ten months in prison.

The court said the scam, which saw Afinsa sell low quality and sometimes fake stamps for highly inflated prices to more than 190,000 people in Spain and Portugal from 1998 to 2006, was "one of the biggest frauds our courts ever experienced."

The company promised to buy back people's stamps after these supposedly rose in value, which would see their clients recoup their initial investment plus interest, the court said.

But given that the reportedly rare stamps were actually of little value in the collectors market, initial investors were only paid thanks to the cashflow received by other newer customers, in a classic Ponzi scheme.

By 2006 when authorities started investigating the scam, Afinsa had accumulated 2.57 billion euros in liabilities.

According to the court, the investors were largely middle-class people, "who in many cases lost the savings they were keeping for retirement or for crisis situations."

In one case reported by the El Pais daily in May 2006, nearly half of the 2,300 inhabitants of the village of Dosbarrios, a farming community in the heart of the country, lost their savings.

Apart from Cano, who was found guilty of aggravated fraud and criminal insolvency, the other former executives received prison sentences ranging from two years and three months to 11 years.

They were also ordered to pay fines totalling more than 72 million euros.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

11 jailed in spain stamp scam one of countrys biggest frauds 11 jailed in spain stamp scam one of countrys biggest frauds

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

11 jailed in spain stamp scam one of countrys biggest frauds 11 jailed in spain stamp scam one of countrys biggest frauds

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday