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  HOME | Colombia (Click here for more)

Manager of Colombian Pyramid Scheme Going to Jail

BOGOTA – A judge in Bogota handed down a prison sentence of almost 18 years against the manager of a pyramid scheme that collapsed amid the crisis involving illegal financing companies in Colombia a year ago.

But Eduardo Rosero Camacho will only serve eight years and eight months after the judge accepted a plea bargain.

The Attorney General’s Office explained in a communique that Rosero also was fined $94,000.

Rosero served as the manager of Global Empresarial, a company with offices in southern Colombia, the region most affected by the collapse of the pyramid scheme, a circumstance that forced the government to declare a nationwide social emergency.

The collapse of the pyramids, which had lured investors with promises of 300 percent returns on their money, led to widespread disturbances across Colombia. Two people were killed by mobs and one man committed suicide in despair over his financial losses.

Among the victims of the fraud were some 2,500 active duty and retired soldiers and police.

Investigators established that Rosero’s firm defrauded about 300 investors, who deposited some 3 billion pesos ($1.56 million) in Global Empresarial. EFE
 

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