Tuesday, 27 January 2015
Last updated 4 hours ago
Jan 27 2011 | 12:18pm 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…