Tuesday, 1 September 2015
Last updated 5 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…