Real estate scam lands man with 6+ years in prison

The Zurich District Court has sentenced a man to six and a half years in prison for commercial fraud.

According to the court, the 52-year-old real estate entrepreneur is said to have defrauded clients in Australia and New Zealand in 2010. 

He promised real estate firms loans - worth tens of millions - and collected fees upfront. In total, it’s estimated he defrauded companies of a total of CHF 26 million with this scam. 

 

 

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