Finiko Crypto Ponzi Scheme Participant Sentenced to Three Years in Prison
The Vakhitovsky District Court of Kazan has sentenced Lilia Nuriyeva, a key figure in the infamous Finiko Ponzi scheme, to three years in prison.
Nuriyeva was convicted of defrauding private investors and involvement in an organized criminal group, underscoring the seriousness of the charges against her.
Finiko, likened to the notorious MMM Ponzi scheme, enticed investors with promises of high returns through a purportedly unique cryptocurrency and stock market trading system. Operating from 2018 to 2021 under the leadership of Kirill Doronin, the scheme collapsed, causing significant financial losses estimated at over $55 million.
Initially, investors received Bitcoin dividends, but the launch of Finiko’s cryptocurrency led to its rapid devaluation, resulting in the loss of investors’ savings.
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Despite being identified as a financial pyramid by the Central Bank in 2021, Finiko continued to attract investments until its sudden demise. Investigations revealed that Doronin and his associates fled abroad with the funds after closing offices nationwide and shutting down the company’s website.
Nuriyeva’s lenient three-year sentence, attributed to a pre-trial agreement, contrasts with the potential ten-year imprisonment she initially faced. Meanwhile, Doronin and nine other accomplices await trial on charges of organizing a criminal group and large-scale fraud.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
