The 30th Criminal Court of the Bogotá Circuit sentenced David Wigoda Rinzler (above), founder of the Factor Group company, to 13 years in prison for the crimes of massive and habitual financial fraud, and aggravated massive scam. Rinzler is thought by Colombian authorities to be in Israel, and they will seek to coordinate his capture with Interpol.
In the sentence, the judge denied the defendant the benefits of probation and house arrest but ordered his capture, with the understanding that he is a fugitive from justice.
Rinzler, through Factor Group, offered high profits through supposed securities trading, however Rinzler’s Ponzi scheme, according to prosecutors, swindled more than 1,557 people for approximately $143 billion pesos (over $40 million USD).
This illegal pyramid scheme was presented as an investment advisory was no more than a Ponzi scheme, since no goods or services were delivered in return for the money entrusted by victims.
The Factor Group sent fraudulent emails showing profitable capital movements, which did not reflect the true financial condition of the structure. Likewise, prosecutors demonstrated the investigation that the resources obtained in the purchase and sale contracts were transferred to false trusts which prosecutors and lawyers for victims are attempting to liquidate.
In 2017, Lina María Vélez Restrepo, who served as Factor Group’s commercial manager, was sentenced to 7 years and 8 months in prison; and Mónica Arbeláez Montoya, administrative manager of this company, condemned to 5 years and 3 months. The two were found responsible for the crimes of aggravated fraud in the form of massive crime, massive and habitual collection of money, falsification of private documents and criminal conspiracy.
This process began in 2011, when the Financial Superintendency warned about the way in which the aforementioned firm had been raising money since 2007.
Image credit: Wikipedia