Administrators clearing up a CHF800 million ($877 million) collapsed pyramid scheme have managed to recover just CHF12.7 million from one of Switzerland’s largest fraud cases.
This content was published on
2 minutes
swissinfo.ch/mga
Español
es
Víctimas de una estafa de 800 millones de francos se sienten defraudadas
Financier Dieter Behring ripped off 1,700 investors between 1998 and 2004 with a scam that promised oversized financial returns. Instead, it financed a lifestyle of luxury for Behring before collapsing.
Since then, the authorities have attempted to recover funds for investors. But Swiss public broadcaster SRF reported on Saturday that only a fraction of the losses had been obtainedExternal link, with limited prospects of adding much to the assets.
The lawyer tasked with clearing up the bankrupt Behring estate confirmed that just CHF12.7 million had been recovered for the 736 creditors, who have filed claims amounting to CHF790 million.
“It would be nice if something else turns up, but it’s like finding a needle in a haystack,” she is quoted as saying.
The haul recovered so far has come in the shape of Behring’s property in Basel, a few paintings, jewellery, a camera and a watch. But this is well short of initial expectations that around CHF70 million could be recovered on behalf of victims.
The Swiss federal prosecutor has had little luck in accessing Behring’s assets abroad, reports SRF. Countries have either failed to answer requests for administrative assistance or have responded negatively.
Furthermore, the Swiss courts remain reluctant at present to distribute the funds that are available to claimants.
“I feel bitterness and despair at the wait,” said one of Behring’s victims who lost CHF1.8 million in the scam.
Popular Stories
More
Multinational companies
Azeri fossil-fuel cash cow brings controversy to Switzerland
Beer sales in Switzerland watered down by bad weather
This content was published on
The past brewing year fell through in Switzerland, partly due to the bad weather. Beer sales shrank again. For the first time, per capita consumption fell below the 50 liter mark.
Compensation for Syrian after pregnant wife denied help on Swiss train
This content was published on
Switzerland’s Federal Court has partially upheld the appeal of a Syrian family being deported from Switzerland to Italy in 2014. The man now also receives compensation.
Swiss-EU negotiations: Cassis to meet Sefcovic in Bern
This content was published on
Swiss Foreign Minister Ignazio Cassis will meet the Vice-President of the EU Commission, Maros Sefcovic, in Bern on Wednesday.
Heavy snowfall in Switzerland causes traffic chaos and accidents
This content was published on
The heavy snowfall late on Thursday and during the night into Friday led to traffic chaos and many accidents in many regions of Switzerland.
Chimpanzee behaviours passed down through generations
This content was published on
Some of the complex behaviours of chimpanzees have been passed down and refined over generations. These include the combination of several tools for foraging.
More than 600,000 rounds of Swiss sniper ammunition reach Ukraine
This content was published on
Sniper ammunition from Swiss P Defence reached Ukraine via a Polish company in July 2023, reported SRF Investigativ on Thursday, citing official information.
Switzerland launches national digital inclusion alliance
This content was published on
The Swiss government launched the Swiss Digital Inclusion Alliance on Thursday with the goal of giving as many people as possible access to digital services.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Behring handed stiff prison sentence
This content was published on
Sixty-one-year-old Behring, from Basel, can still appeal the decision. He was accused of abusing the trust of nearly 2,000 investors between September 1998 and October 2004, having promised them windfall returns if they used his self-developed financial software. The software was designed to analyse stock market activity, but the scheme fell through and Behring…
This content was published on
It is the second complaint he has made over people involved in his court case. The 61-year-old Behring has been answering charges at the Bellinzona Federal Criminal Court after his collapsed investment scheme cost clients some CHF800 million ($804 million). He is accused of fraud, qualified money laundering and embezzlement. On Saturday the Attorney General’s…
This content was published on
Behring is accused of fraud, qualified money laundering and embezzlement. Investors flocked to Behring between 1998 and 2004 as his funds generated market beating returns, based on a software programme that he had devised to analyse the stock markets. But things turned sour for the 2,000 investors as the scheme unraveled, leaving many out of…
This content was published on
Last year, Behring was sentenced to five-and-a-half years in jail for fraud and money laundering following the collapse of his scheme in 2004 that lost a total of CHF800 million. The Federal Criminal Court in Bellinzona has now decided the amount of damages due to hoodwinked investors. The judge refused to rule on any deposits…
Swiss financier investigated over money laundering
This content was published on
The Swiss Federal Prosecutor’s Office said on Sunday that it started the inquiry several weeks ago. “There is a suspicion of cross-border money laundering,” said the office’s spokesman, Hansjürg Mark Wiedmer, confirming reports that had appeared in Sunday newspapers. Wiedmer added that several people were believed to be involved, but did not give any further…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.