'Pyramid scheme' sees organizer convicted

KARAGANDA. KAZINFORM Woman who organized a pyramid scheme called "Optovka" was sentenced to 4 years and 5 months in prison in Karaganda region, Kazinform correspondent reports.

Yelena Kolesnikova was found guilty of "Creation and management of financial (investment) pyramid with attraction of money or other property on a special large scale".

Kolesnikova was ordered to pay victims KZT385 million and her property obtained illegaly will be confiscated by the state. Prosecutor demanded 10 years in prison for Kolesnikova.

The convicted only pleaded guilty to failing to fulfill obligations to clients. According to her, she did not intend to commit fraud.

The court in Karaganda recognized 752 people as victims of Kolesnikova's fraud. The investigation concluded that the pyramid attracted KZT 3 million from citizens and failed to return KZT 2 billion.