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Ponzi fraud charges have been brought against a 58-year-old man and his 81-year-old father.

Austrian authorities began to look into the two after an anonymous complaint was filed in November 2019.

Investigators found that promoting Minerva Trading Bot caused 13 million euros worth of damage.

Gregor Maihart started the MLM Ponzi scheme Minverva Trading Bot in the middle of 2019.

Telegram was used to run Minerva Trading Bot, and investors were promised a 200% return on their money. After Minerva Trading Bot failed, Maihart put the people who lost money in the Finiko Ponzi scheme.

Most of the people Minerva Trading Bot hurt were from Austria, Germany, and Switzerland.

Maihart is from Austria and seems to be the same age as one of the people who were arrested. I haven’t been able to confirm for sure, though, that he is the younger suspect.

When Minvera Trading Bot and Finiko failed (around the middle of 2021), the younger suspect ran away to Bulgaria.

At this point, Germany, Switzerland, and Bulgaria had joined the Austrian investigation, so it was taking place all over Europe.

The younger suspect was picked up in Bulgaria on October 21, 2021, because he was wanted all over Europe. In November, the suspect was sent to Austria by another country.

At about the same time, his 81-year-old father, who was also a suspect, was also caught. He was later given bail and let go.

Both suspects told the truth after being questioned by Austria’s Public Prosecutor’s Office for Economic Affairs and Corruption.

After his trial at the end of 2022, the younger suspect was given a prison sentence of four and a half years. His father got a 30-month sentence with some of it suspended.

Ariix Review - Is a Fraud
Daniel Putnam & SEC Review - Is a Fraud

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