Giovedì, 18 Ottobre 2018
TURIN

About 600 Turin investors swindled in Madoff-style scheme

English
© ANSA

Turin, December 11 - Italian police have arrested
three people in a financial fraud that has cost about 600
small-scale investors 20 million euros.
Authorities say they are searching for a fourth person in
the fraud case that looks very similar to that of former United
States broker and white-collar criminal Bernie Madoff.
The Madoff case, which broke four years ago in the US, saw
a wealth-management business turned into a massive Ponzi scheme
that defrauded thousands of investors of billions of dollars.
Essentially, such a scheme repays investors with their own
money or that of others, rather than from profits earned by
their investments.
Authorities say the Turin case is similar.
So far, they have arrested Antonio Castles, formerly of
Switzerland but more recently operating in Turin, and Riccardo
and Carlo Buti Gambini, who were working with an insurance
company in Pontedera, in the Tuscan province of Pisa.
Police are still looking for Mattia De Sassi, another
former resident of Switzerland and insurance operator working in
Piedmont.
Six others face minor charges in the case where investors
were promised healthy returns of between 6% and 7%, which were
initially paid.
However, they eventually lost everything, including their
initial investment which investigators said has since been
transferred to Switzerland, the United Arab Emirates and China.
Castles and De Sassi are already known to authorities in a
case involving financial dealings of a wealthy resident of
Qatar.

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