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Turkish crypto chief starts 11,196-year prison sentence

Turkish crypto chief starts 11,196-year prison sentence

Faruk Fatih Ozer, the former boss of failed Turkish cryptocurrency exchange Thodex, has started a lengthy jail sentence after he was found guilty of defrauding investors in a multimillion dollar fraud.

Ozer received a staggering 11,196-year sentence after a Turkish court found him guilty of fraud.

In 2021 when the exchange collapsed, Ozer fled to Albania along with investors' assets worth roughly US$43m. He was extradited back to Turkey last year on charges of money laundering, fraud and organised crime.

The court also charged Ozer's brother and sister and gave them equally long sentences.

The case has echoes of the FTX fraud orchestrated by Sam Bankman-Fried who was recently sentenced to 25 years in jail.

One reason for Ozer's lengthy sentence is the fact that he was charged with 2,027 separate crimes, representing every indiviudal that was defrauded. 

Anoither possible reason was Ozer's apparent lack of contrition. During his trail, he told the court that he "would not have acted so amateurishly" if his intent had been criminal.

"I am smart enough to lead any institution on Earth," he said. "That is evident in this company I established at the age of 22."

 

Comments: (3)

Julian Jordan
Julian Jordan - TransUnion - Leeds 03 April, 2024, 14:33Be the first to give this comment the thumbs up 0 likes

Maybe he'll get a few years off his sentence for good behaviour..?

A Finextra member
A Finextra member 04 April, 2024, 08:32Be the first to give this comment the thumbs up 0 likes

So where did all the money go? Have Authorities recovered anything? After 11,196-years of inflation it will be worthless.

A Finextra member
A Finextra member 04 April, 2024, 15:44Be the first to give this comment the thumbs up 0 likes
  • So where did all the money go? Have Authorities recovered anything? After 11,196-years of inflation it will be worthless.

Maybe he invested in an index tracker. He'll own everything in the universe in 11,196 years.

 

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