Overview
- On Monday prosecutors executed an arrest warrant for a 60-year-old broker suspected of orchestrating an investment scheme that left around €8.6 million in losses.
- Investigators carried out raids on his Hamburg apartment and a secondary residence in Rhineland-Palatinate, confiscating financial records and data devices.
- Officials first searched his Hamburg and Rhineland-Palatinate homes in September 2024 over allegedly fraudulent investments totaling €4.8 million.
- Prosecutors say the suspect continued fraudulent activities after the initial searches, resulting in an additional €3.8 million in investor losses.
- The Landeskriminalamt and Hamburg public prosecutor’s office are expanding their inquiries to identify further victims and trace misappropriated assets.