Albania's Ponzi scheme boss jailed for hiding money
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An Albanian court has sentenced a man for hiding stolen money in a Hungarian bank account to three years and eight months in jail.
The Tirana court sentenced Vehbi Alimuca for hiding $328,000, money he had collected from a failed pyramid investment scheme he operated until 1997.
Alimuca has already served eight years imprisonment after his Vefa company was found to have collected $325 million from 58,000 people via a Ponzi scheme. Albania had around two dozen such schemes and their exposure caused huge uproar in the small western Balkan country. Albania's population lost a huge chunk of their life savings.
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Last November, his son was also sentenced to four years of jail for hiding almost double the amount his father was convicted for on Friday.