Thursday, November 18, 2010

Kiener Says Investor 'Greed' To Blame For Fraud

Note to Self: If anyone ever promises you 17% annualized returns, RUN AWAY. 

Via FINalternatives.
Alleged fraudster Helmut Kiener plans to blame the clients of his K1 Group hedge fund for the €345 million scam he is accused of masterminding.
Kiener, who was arrested last October but only charged with forgery, fraud and tax evasion this week, will take the stand in his own defense "to expose how greedy the customers were," his lawyer, Lutz Libbert, told the Financial Times.
How greedy were they? They apparently believed Kiener's promises of annualized returns of 17%.
Libbert did not comment on the more than 100 counts facing his client, but he did not sound sanguine about Kiener's chances of beating the rap when he said, "the greed of the investors should help reduce any sentence the court may decide to hand down."
Click Here to Read: Kiener Says Investor 'Greed' To Blame For Fraud 

No comments:

Post a Comment