Prosecutors file six charges against Amber Gold founder
August 20, 2012
The founder of controversial unregulated lender and gold-investment firm Amber Gold, identified only as Marcin P, saw the regional prosecutor's office in the Baltic coast city of Gdansk press six charges against him in relation to the functioning of his company.
Prosecutors accused Marcin P. of running a pyramid scheme [in which funds from new customers are used to pay earlier ones] that defrauded thousands of Poles by promising guaranteed profits from investment in gold.
Wojciech Szelagowski, spokesman of the prosecutor's office said on Friday that Marcin P. could face five years in prison and a 5 million zloty fine if convicted of the charges, which include offering banking services without a license, illegal collection of funds, misinforming financial officials about the company's dealings and using forged documents to register a company.
Earlier on Thursday Poland's Internal Security Agency (ABW) carried out inspection of Maciej P.’s residence and as well as 13 other premises related with Amber Gold.
ABW officers seized 57 kg of gold, 1 kg of platinum and less than 1 kg of silver, with a combined market value of around PLN 11-12 million as well as PLN 1 million in cash and about 500 files containing invoices, details of transfers and other accounting information.
When Amber Gold collapsed more than 400 of its clients have written to the prosecutors to seek reimbursement of their money totaling some PLN 25 million.
Reportedly, the firm owes some PLN 80 million in total to its clients.