Overview
- The Landgericht Hamburg imposed prison terms ranging from five years and three months to seven years and four months for organized fraud.
- A fourth defendant received a 1 year 10 month suspended sentence for money laundering after serving as the nominal manager.
- The court determined investor losses exceed €14 million and ordered confiscation of the proceeds.
- An expert found the touted €12 million in collateral was worth about €20,000 despite the staged display of luxury items.
- Police raided the storefront and 12 other locations on October 15 last year, and the verdict followed confessions under a court agreement and is not yet legally final.