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Suspects Charged in WinCapita Ponzi Scheme

Prosecutors on Friday charged two main suspects behind the WinCapita pyramid scheme—the largest scam of its kind in Finnish history. The suspects were charged with aggravated fraud and collection crimes.

Hannu Kailajärvi
Hannu Kailajärvi Image: Poliisi

Hannu Kailajärvi, one of the suspects charged, is believed to have masterminded the operation.

Both suspects have denied the charges. However, a main suspect in the WinCapita scheme previously admitted that the online investment club was not engaged in currency speculation as advertised.

The case is expected to come before the Vantaa District Court next February. The court says the trial will last through the end of 2011.

Victims claim millions in damages

The National Bureau of Investigation (NBI) interviewed more than 3,200 people in their preliminary investigation that spanned more than two years.

The Vantaa District Court says a trial on damages will be held separately from the criminal case.

Around 10,000 people invested 100 million euros into the club. Authorities have recorded claims for damages exceeding 37 million euros.

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