Back to the list

Turkish Court Imposes 11,196-Year Sentence on Former Thodex CEO

source-logo  financemagnates.com 03 April 2024 13:30, UTC

Faruk Fatih Ozer, the ex-CEO of the now-defunct Turkish cryptocurrency exchange Thodex, has been handed a staggering prison term for defrauding investors. Ozer's conviction has come after a prolonged legal battle stemming from the collapse of Thodex in 2021, during which he absconded with millions of dollars worth of investors' assets.

Turkish Court Hands Lengthy Sentences

Ozer, who fled to Albania following the collapse of Thodex, was recently extradited back to Turkey to face charges related to money laundering, fraud, and organized crime. In a ruling that sent shockwaves through Turkey's financial and cryptocurrency sectors, a Turkish court sentenced Ozer to an astonishing 11,196 years in prison for his involvement in the fraud scheme.

Notably, Ozer's brother and sister were also implicated in the fraudulent activities and were handed similarly lengthy prison terms by the court. The magnitude of Ozer's sentence is partly attributed to the sheer scale of the fraud he orchestrated, affecting thousands of investors. Ozer faced a staggering 2,027 separate charges, each representing an individual defrauded during Thodex's collapse.

Furthermore, Ozer's lack of remorse during the trial proceedings likely contributed to the severity of his sentence. Despite the overwhelming evidence against him, Ozer reportedly displayed an unrepentant attitude in court, even suggesting that his actions, which led to the loss of millions for investors, were not criminal in nature.

The Thodex scandal bears striking resemblance to similar cryptocurrency fraud cases, including the infamous FTX fraud masterminded by Sam Bankman-Fried, who was recently sentenced to 25 years in prison. These cases underscore the growing concerns surrounding the regulation and security of the cryptocurrency market, particularly in the face of rampant fraud and exploitation.