In the summer of 2018, the Dresden Regional Court sentenced five defendants for commercial and gang fraud as well as capital investment fraud or aiding and abetting prison sentences of between four and a half and eight years.
At the same time, the confiscated assets were ordered to be confiscated.
The Federal Court of Justice (BGH) is now largely upholding these rulings.
Marcus Jung
Editor in business.
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The defendants had built a complex network of subsidiaries within the parent company Future Business (Fubus) over the years.
As a result, a pyramid scheme was established through Infinus, among others, with investors investing in bonds and subordinated loans.
As of 2011, customers mistakenly invested around 540 million euros.
Fubus had to file for bankruptcy in November 2013.
After deducting the repayments made, investors lost a good 290 million euros.
Defense lawyers' motions fizzle out
The 5th Criminal Senate of the Federal Court of Justice (BGH), located in Leipzig, did not object to this judgment to a large extent.
Only in the case of a defendant did the federal judges overturn the sentence because the lower court had not discussed a reduction in the sentence under the leniency program.
Accordingly, in its judgment on Friday, the BGH referred the case back to Dresden for a further decision by another criminal chamber.
At the oral hearing on October 11th, several defense lawyers applied for the judge's verdict to be overturned.
In the case of new proceedings, they also wanted to have the company transferred to the Leipzig Regional Court.
The attorney for the executive who was convicted of aiding and abetting had requested acquittal.
Now the revisions were largely unsuccessful.