Pyramid Scheme Worth €12million Brought Down In Spain’s Navarra

PROPERTY pyramid scheme worth €12million brought down in Spain’s Navarra

The Supreme Court has sentenced financial advisor Miguel Olague Roncal to five and a half years in prison for running the largest pyramid scheme in Navarra, reportedly swindling 53 people out of more than €12million in his property scam. The unsuspecting victims thought they were receiving genuine financial guidance when they forked over their cash to purchase non-existent properties in Madrid, a fact that only came to light after Roncal ran out of money.

The scam has been run by the Pamploma native since 1994. According to court officials, Roncal would offer investments, sometimes as large as €2million, on properties he had no authorisation to sell. He would then use the cash to pay interest to the longest-serving members of the pyramid scheme. Amazingly, when the scam artist realised he was running out of dosh he actually turned himself into police.

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