K1 Fraud Trial Scheduled For March

Jan 27 2011 | 1:18pm ET

K1 Group founder Helmut Kiener will face trial in March for allegedly defrauding investors, banks and brokers of €345 million.

Kiener, who has been held in custody since his arrest in October 2009, was charged with forgery, aggravated fraud and tax evasion in November. German prosecutors say he ripped off some 5,000 investors, in addition to his banks, Barclays and BNP Paribas.

Kiener has denied the allegations. His trial is scheduled to begin on March 2 in Würzburg.

A total of eight people have been arrested in for participating in the alleged Ponzi scheme, including three managing directors of K1's administrator and two Kiener associates in the U.S. Another, Dieter Frerichs, a former managing director of two K1 funds, committed suicide in July.


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of