first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tuesday 16 November 2010 7:55 pm whatsapp whatsapp KCS-content Share Show Comments ▼ HELMUT Kiener, founder of German hedge fund group K1, is being charged with fraud, forgery of documents and tax evasion more than a year after he was arrested in a multi-million-dollar investigation.He is accused of having swindled investors out of about €345m (£293.6m) with an elaborate Ponzi scheme, the public prosecutors’ office in Wuerzburg, Germany, said in a statement yesterday. Kiener was arrested in October 2009 as authorities said Barclays and BNP Paribas may have lost millions of dollars in the case, which prosecutors said spanned the Atlantic and featured lavish personal spending on planes, a helicopter and luxury properties. Investors were duped into investing in funds K1 Global and K1 Invest by pretending the funds were posting significant profits and would continue to do so, even though both of them had suffered “massive losses”, the prosecutors’ office said. K1 founder charged with fraud for Ponzi scheme Tags: NULL last_img