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Stuttgart (dpa / lsw) - The former head of the Ludwigsburg Geno Wohnbaugenossenschaft has been sentenced to seven years and nine months in prison for fraud, among other things.

The Stuttgart Regional Court found him guilty on Monday for fraud in 161 cases, for three cases of breach of trust in each case with deliberate bankruptcy and for deliberate delay in bankruptcy, according to a spokesman.

According to the indictment, the man had deceived new members over the years about the financial condition of the cooperative and thus induced millions in deposits and thus ultimately deprived them of their money.

For years, Geno had advertised nationwide investors who dreamed of owning a home with slogans such as “Security for a lifetime” or “Always live safely”.

In 2018, the insolvency proceedings were opened for the housing cooperative founded in 2002 and based in Ludwigsburg.

The trial against the now convicted ex-boss began in May of last year.

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© dpa-infocom, dpa: 210301-99-640187 / 2