People invested their life savings – but in some cases did not see the money despite promises of generous returns.
The founder and representative of the gaming company Kambua was sentenced to prison by Malmö district court for gross fraud in over 100 cases.
The court of appeal is now upholding the sentence.
The 63-year-old man is sentenced to six years and six months in prison and is to pay approximately 68 million in damages to those he defrauded. In the district court, he was convicted of 129 cases – the court of appeal has changed this to 133 cases.
According to the Economic Crime Authority, Kambua marketed an investment product as unique and claimed it would provide an annual return of 25 per cent on invested capital. However, the prosecutor has successfully argued that the entire operation was actually an investment fraud.
The company marketed itself throughout the Nordic region using well-known sports profiles and a large number of people invested significant sums in the company. However, the promised returns were only received in part – and some people did not receive any money at all.
