Benin Ponzi scheme fraudsters jailed

Two bosses of an investment firm in Benin have been jailed for 10 years each for defrauding more than 150,000 people in a Ponzi scheme.

The case has been described as the biggest financial scandal in Benin’s history and has been compared to the one run by Bernie Madoff in the US.

The chief executive of ICC Services, Guy Aplogan and the director-general, Ludovic Dohou, were convicted with two other colleagues at a special court hearing for economic crimes.

All four have already spent more than eight years in custody.

They were charged with conspiracy, defrauding the public and practising illegal banking and micro-finance, reports AFP news agency.

Source: Voice of Nigeria