Spanish fraud: Ponzi scheme in Stamp Collecting

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Spanish Court Jails 11 Company Directors for $2.8 Billion Ponzi Scheme Fraud

MADRID – Spain’s National Court on Wednesday sentenced 11 former company directors to jail terms of up to 12 years for running a multi-billion-euro (dollar) pyramid sales scam based on stamp collecting that drained the savings of hundreds of thousands of small investors.

The court ruled that most of those who directed Afinsa must also pay compensation of some 2.6 billion euros ($2.8 billion) to the more than 190,000 investors who lost money backing the Ponzi scheme.

Afinsa was one of two postage stamp collecting companies raided in 2006 after debts of 2.6 billion euros were detected.

The business, which was “never viable” according to the court, was devised by supposed stamp-collecting expert Albertino de Figueiredo and economist Juan Antonio Cano.

Judge Ramon Saez said the stamps at the core of the scheme had been given auction prices that represented “an intolerable overvaluation of the goods.”

The court handed down sentences of between two and 12 years to 11 of the company’s 13 directors on charges including criminal bankruptcy, falsifying accounts and fraud.
Source: Latin American Herald Tribune - Spanish Court Jails 11 Company Directors for $2.8 Billion Ponzi Scheme Fraud
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Unfortunately, almost all of our financial markets are a fraud. Even that which we value most, our "money," is not only worthless its much worse; it's debt. Every cent in your pocket, every dollar in your bank account is backed by debt. Our entire system is based off of this abject corruption and blind avarice. If you want to learn about fraud, start researching the history of money and especially currency(yes, they are different). The history of banking, lending, and debt is a history of theft and plunder, all built on the foolish idea that you can have something for nothing.