The court of Thailand has sentenced a local resident Pudica of Kittyradio 13 to 725 years in prison for running a Ponzi scheme. It is reported Bi-bi-si.
The report said that the man worked on the scheme Carlo Ponzi, which promised investors an artificially high financial return. He managed to attract investments of about 40 thousand people. He earned 160 million dollars.
Cititravel was found guilty on 2653 counts of fraud.
He was arrested back in August. The right of bail was denied.
Thanks to his confession, the court reduced his term to 6 637 years and six months. However, it is likely that a fraud will stay in jail for more than 20 years, since Thai laws there are limits to punishment for such crimes.
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