Ponzi Scheme Mastermind Sentenced To 45,376 Years in Prison Over $131,000,000 ‘Farm Bank’ Scam
The creator of a mobile gaming app that was later deemed to be a Ponzi scheme has been sentenced to many lifetimes in prison.
An Istanbul court has sentenced Mehmet Aydin, the creator of Çiftlik Bank (“Farm Bank”), to 45,376 years in prison for embezzling large sums of money from hundreds of thousands of people.
The game was inspired by Farmville and allowed users to “invest” in virtual livestock in order to supposedly earn a return on real-world agricultural assets in Turkey.
After scamming over 350,000 domestic Turkish investors and another 150,000 foreigners, authorities seized the company’s assets and arrested several executives, while Aydin fled to Uruguay, where he was on the run for years.
Aydin was eventually spotted in Uruguay driving a Ferrari, triggering a manhunt before he ultimately agreed to turn himself into the Turkish embassy in Sao Paolo, Brazil.
The Daily Sabah reports that at a hearing, Aydin claimed complete innocence and that the seizure of his assets prevented him from compensating the victims.
“I did not intend to defraud anyone; I had no intention of committing fraud… I did not make any false statements to the plaintiffs. I seek acquittal.”
The man’s brother, Fatih Aydin, while also charged by authorities, claimed that he was not involved in the scheme at all.
“I am not a member of any organization. Most of the defendants do not know me, and I do not know them. I request acquittal.”
It is estimated that Farm Bank wrongfully profited at least 1.1 billion Turkish lira, or about $131 million.
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