Tag: financial pyramids

March 30, 2016 BY Maria Nikolova

Russia introduces prison sentences for financial scammers

Organizers of financial pyramids in Russia risk spending up to six years in prison and paying hefty fines, under amendments to the Criminal Code signed today by Russia's president Vladimir Putin. The new penalties are introduced after earlier this month Putin signed another law that introduced fines for those who support financial pyramids by presenting them…

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April 09, 2015 BY Maria Nikolova

Russians lost RUB 2 billion because of financial pyramids in 2014

Russians said goodbye to approximately RUB 2 billion (USD 38m) of their personal funds last year because of the activities of financial pyramids in the country. The gloomy estimate was unveiled by Sergey Shvetsov, first deputy governor of the Bank of Russia, in an interview with TV channel Russia-24. Mr Shvetsov, who is also known…

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