Prosecutor in Sevilla has called for a four year jail term for three people who are accused of defrauding British investors. They attracted money with the promise of large returns in the purchase of upcoming artists, although in the end the paintings or works were never seen, with the excuse always that they were being re-valued.
The investors were initially sent a certificate which showed that they were the owners of the painting, and the promise that the art would be exhibited and then re-valued.
EFE news agency reports that one of the accused set up a company to sell art in 2000, and then launched a massive promotion to the British, in which the company sold itself as a large and solvent operation. The prosecutor says that the company achieved 770 clients and that four of the Britons defrauded alone lost 37,577 pounds.
The three accused have been named as Spanish woman M.C.A., her British boyfriend A.S.M., and the British woman, D.B.J. who worked in administration. They are accused of dismantling the operation in 2003, leaving an unknown number of people out of pocket.
The case will be heard over forthcoming months in Sevilla, with each of the accused facing four years in prison on a charge of continuous fraud, and facing a 5,400 € fine and the obligation to return the monies defrauded.
Read more: http://www.typicallyspanish.com/news/publish/article_27269.shtml#ixzz10XEEdtZo
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