The former CEO of the defunct Turkish cryptocurrency exchange Thodex, Faruk Fatih Ozer, was found guilty of cheating investors in a multimillion dollar scam and has begun serving a lengthy prison sentence.
The former CEO of the defunct Turkish cryptocurrency exchange Thodex, Faruk Fatih Ozer, was found guilty of cheating investors in a multimillion dollar scam and has begun serving a lengthy prison sentence.
A Turkish court convicted Ozer guilty of fraud, and he was sentenced to an astounding 11,196 years.
Ozer escaped to Albania in 2021 when the exchange crashed, taking with him around US$43 million in investor funds. Last year, he was extradited back to Turkey on allegations of fraud, organized crime, and money laundering.
Ozer's sister and brother were also charged by the court and given lengthy terms.
There are similarities between this case and the FTX fraud that Sam Bankman-Fried, who was recently sentenced to 25 years in prison, masterminded.
Ozer's long term stems in part from the 2,027 distinct charges against him, which correspond to each individual who was cheated.
Ozer's seeming lack of remorse was another potential explanation. He said to the court during his trial that if he had had a criminal motive, he "would not have acted so amateurishly".
He asserted, "My capability to lead any institution on Earth is evident, as demonstrated by the company I founded at the age of 22."
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