In the trial of the insolvent gold dealer PIM, the former managing director was sentenced to six years and nine months in prison by the Darmstadt Regional Court.
In its judgment on Tuesday, the chamber considered the allegations of fraud and intentional money laundering against the 51-year-old to be proven.
Prosecutors had asked for a total of seven and a half years in prison, while the defense had asked for five years and nine months.
From 2016 to September 2019, PIM Gold GmbH in Heusenstamm concluded supply contracts with customers including bonus promises for gold, but then failed to fulfill them.
Interest is said to have been paid out with the money of newly recruited customers according to a kind of pyramid scheme.
The 51-year-old ex-managing director has been in custody for more than three years.
The process started in 2017 with a former employee who fell out with the accused and filed a complaint.
In September 2019, an arrest warrant against the 51-year-old was executed and the company went bankrupt.
In its pleading, the defense itself described the complainant as a "criminal".
Insolvency administrator Renald Metoja spoke in the process of more than 7,000 creditors with legitimate and verified claims of 140 million euros.
After filing for bankruptcy, around 270 kilograms of fine gold and 180 kilograms of jewelry were found.
According to him, three tons of gold should have been there.