German investors hit in multi-billion ponzi scheme
Seizure by an FBI agent
Prosecutors in a case against a German man arrested in Last Vegas claim to have evidence that just short of 1,300 investors from Germany, Austria and Switzerland lost more than $35 million in a pyramid scheme.
“The actual damages are expected to be higher,” the Mannheim prosecutor’s office said in a statement.
Ulrich Felix Anton Engler was arrested in Las Vegas for violating immigration law.
According to U.S. Immigration and Costums, Engler was in the custody of its officials and was to be deported and would be deported and turned over to German law enforcement authorities. They also said that he was wanted by the authorities on multiple criminal charges after he allegedly defrauded investors.
The prosecutor said Engler is accused of using a Florida-based marketing company to lure investors between end-2004 and mid-2007, under the pretence of investing the cash on the New York Stock Exchange. The prosecutor also said that Entler is actually said to have been running a ponzi scheme.
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