Founder of Crypto exchange got 11000 years in jail, know what was the crime
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Faruk Fatih Ozer Sentenced to 11196 years in prison by Turkish Court – In Turkey, a person has been sentenced to 11 thousand years in prison. The person has been accused of cheating more than 4 lakh people through crypto. Faruk Fatih Ozer, the former CEO of Turkish crypto exchange Thodex, has been sentenced by a Turkish court to 11,196 years in prison on charges of fraud, money laundering in property values, and founding, managing and being a member of an organization.
Users accused of fleeing the country with total assets of $ 2 billion in crypto
The Anatolian 9th High Criminal Court sentenced Ozer along with his two siblings to 11 thousand 196 years, 10 months and 15 days in prison and fined $5 million. The Turkish crypto exchange was one of the largest digital asset trading platforms in the country before its sudden collapse in 2021. The exchange abruptly suspended the services of the platform without any prior notice and the founder fled the country with total assets of $2 billion in crypto belonging to Ozer users. At the time, Ozer denied all claims of a possible scam.
Allegations of fraud and money laundering
Ozer, 29, was finally detained in Albania in August 2022, where he was serving a prison sentence before being deported to Turkey in April 2023 on charges of fraud and money laundering. Ozer was already in jail for failing to submit tax documents since July, while his most recent sentence was for defrauding customers. The founder of the crypto exchange claimed in the court that he and his family were facing injustice.
What is Faruk Fatih Ozer’s argument?
Former Thodex CEO Faruk Fatih Ozer said that Thodex was just a crypto company that went bankrupt and had no criminal intent. There were 21 accused in the long-running case against Thodex crypto exchange, five of whom attended the court hearing in person. The court acquitted 16 accused of cheating due to lack of evidence and ordered the release of four accused. Other accused in the case have received varying degrees of punishment based on their complicity in the fraud.
11,196 years, 10 months and 15 days jail sentence
Turkey has sentenced an accused to 11,196 years, 10 months and 15 days in prison. The person has been accused of cheating more than 4 lakh people through crypto. A Turkish cryptocurrency boss and his two siblings have been jailed for 11,196 years for defrauding investors worth millions of dollars. Faruk Fatih Ozer, 29, fled Albania in 2021 with investors’ assets after the sudden collapse of the Thodex exchange.
Ozar told the court – If his intention was criminal, he would not have acted so amateurish
In June this year, he was extradited back to Turkey and found guilty of money-laundering, fraud and organized crime. According to state media reports, Ozer told the court that if his intentions were criminal, he would not have acted so amateurishly. His sister Serap and brother Güven were also found guilty of the same charges in a brief hearing in Istanbul. Turkish news agencies said the defendants were sentenced separately for multiple crimes against 2,027 victims, with verdicts taking a total of several years.
Such extraordinary prison sentences are common in Türkiye
For your information, let us tell you that such extraordinary prison sentences have been common in Turkey since the abolition of death penalty in 2004. Before this, TV cult preacher Adnan Oktar was jailed for 8,658 years in 2022 for fraud and sexual crimes. His 10 followers also received the same punishment.
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