The Ponzi Scheme
In 2021, Finiko, a supposed crypto investment fund, came under investigation for fraud. The investigation revealed that Finiko was a Ponzi scheme that lured investors with promises of high returns in cryptocurrencies like Bitcoin.
The Mastermind and the Scheme
Kirill Doronin, the mastermind behind Finiko, traveled around Russia hosting events to attract investors. He claimed to have developed a system that guaranteed profits. Investors initially received dividends and could withdraw their money, but things changed in 2021 when Finiko’s token lost value.
The Collapse
Finiko’s offices suddenly closed, and its website went down, leaving investors with nothing. Doronin claimed technical issues, but it was later discovered that his associates had fled with the money. Many investors had taken out loans or sold their homes to invest in Finiko.
The First Sentencing
Lilia Nurieva, a key executive in Finiko, has been sentenced to three years in prison for fraud and participating in an organized criminal group. She collaborated with prosecutors, which reduced her sentence from the original four and a half years.
Remaining Defendants
Ten other defendants, including Doronin, are still awaiting trial. They face charges of organizing a criminal association and large-scale fraud.
