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Spanish "Mini-Madoff" swindled 300 million dollars in 110 countries
Mar 25, 2011, 16:53 GMT
Madrid - Spanish police have detained a 49-year-old man is suspected of swindling 300 million dollars from more than 100,000 investors in 110 countries, police said Friday.
The 49-year-old Spaniard promised interest of 20 per cent on the forex market, but used the money to buy real estate.
Some of the victims lived in Spain, Latin America, the United States, Canada, France, Italy and Switzerland.
The suspect was held in the eastern city of Valencia. Two others were held on charges of embezzlement and money-laundering.
The case has been compared to that of Bernard Madoff, the former US stock broker who defrauded thousands of investors of billions of dollars.
Read more about Spain Crime
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