Germany's version of Bernie Madoff was sentenced to 10 years in prison yesterday for running a Ponzi scheme that defrauded Barclays and other investors out of €345m (£304m), The Independent reports
Helmut Kiener, the founder of the K1 fund, was found guilty of fraud, forgery and tax evasion after spending tens of millions of investors' money on luxury real estate, cars and planes. The prosecution said Barclays lost €171m and BNP Paribas lost €52m with small investors incurring the rest….
Read more at http://www.independent.co.uk/news/business/news/german-ponzi-man-jailed-after-ripping-off-barclays-2319090.html
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