Fortunes derive from illegal interest

My friends, this was taken from Correio da Manhã newspaper:

http://www.cmjornal.xl.pt/detalhe/noticias/nacional/portugal/sacam-fortunas-com-juros-ilegais

Research : PJ of Braga holds three men

Fortunes derive from illegal interest

Called themselves banking prosecutors and promised 10% interest per month. Entrepreneurs , especially of the shoes were main victims of the scheme .

Promised with high interest rates of 10 % per month on investments guaranteed return . There were only two requirements : the value of the deposit had to be raised and paid in cash only . With this scheme , the three men arrested yesterday by PJ of Braga in Felgueiras , Lousada and Mafra , received hundreds of thousands of euros of various entrepreneurs , mainly from the footwear industry , and holders of wealth in the north and center of the country but the judicial believes there are more victims who have not yet contacted the authorities .

The illegal scheme worked in the home of the accused - a former bank them - which , in the eyes of investors , be credible , now calling themselves promoters bank .

The investigation found that the money was diverted to buying luxury goods or filed on behalf of defendants in offshore accounts . They seized a Porsche Cayenne , an Audi A7 , a BMW X5 and a Mercedes . Jewelry valued at thousands of euros were caught in house mentor scheme Lousada . Initially , investors received the promised amounts . But recently , some have stopped earning interest and distrusted .

Most of them have failed to recover the thousands of euros delivered . In addition to the mentor, two associates were arrested in the investigation of the investigation of the Central Department of Investigation and Penal Action .

The three defendants , between 32 and 40 years, were heard by Judge Carlos Alexandre, the measures applied were not known .

Sadly, pedro, you hear tales similar to this too often. We had the one who did the Ponzi scheme thing - Bernie Madoff.

10%. The thing is, if something sounds too good to be true, it probably is.

I noticed that Iran took a rather, well, robust attitude to such corruption:

http://news.sky.com/story/1268233/iran-hangs-billionaire-over-2-6bn-bank-fraud

Iran Hangs Billionaire Over $2.6bn Bank Fraud
Four people were sentenced to death and many more jailed after the scandal, said to be Iran's largest ever fraud, was uncovered.

big true: "you hear tales similar to this too often.", when I read that, a name came to my mind: GA.

Pedro, GA is a corrupt a-hole but he is a speck in comparison to this guy and the one Bonny just wrote about.

Bernard Madoff.....

In a May 4, 2011, statement, trustee Picard said that the total fictitious amounts owed to customers (with some adjustments) were $57 billion, of which $17.3 billion was actually invested by the customers. $7.6 billion has been recovered, but pending lawsuits, only $2.6 billion is available to repay victims.[88] If all the recovered funds are returned to victims, their net loss would be just under $10 billion.


Madoff must be so happy he was not in Iran.

I seem to recall China has a similarly robust attitude, Lily? I'm not sure I would go so far as executing them when they're caught, I would rather make the punishment fit the crime.

Make them live in poor social housing to the end of their days, on zero-hour contracts at McDonalds, with no State aid. Something like that.

I was just thinking out loud that Madoff must have thanked his lucky stars when he heard about what they do in Iran. If I were him, I would.

What can you say about China?   

lily, I know that, for me, corrupt people regardless of who they are, they are criminals or ****.

Yes they are pedro. He is completely despicable vermin.

Amaral made Big Money, for someone like him, and in the year that he owned this fortune he made no attempt to pay any of his colossal debts. He just spent it on absolute rubbish. No wonder The Portuguese Court sequestered his remaining assets.