Up to four years in prison in investment fraud case
The court in Amsterdam on Friday imposed sentences of up to four years in prison and professional bans for up to three years on seven men who were guilty of large-scale investment fraud with the Hollandsche Wind and Noordenwind funds. The penalties were almost the same as the requirements of the Public Prosecution Service.
According to the court, it is certain that the men have scammed several hundred investors and laundered the money. The fraud involved a total of around 8.7 million euros. Money that came in was immediately spent. “Investors have been presented with a distorted picture of reality from the outset,” the court said.
Main suspects Stefan S. (36) from Doesburg and Ronald de G. from Ede (62) were given the highest prison sentences. According to the court, they had a guiding, leadership role and consciously chose names that closely resembled those of HollandseWind of Eneco and the Vereniging Noordenwind in Leeuwarden. They were looking for investors with an interest in real estate and wind energy and put the invested millions in their own pockets.
The case came to light when ING alerted the FIOD in October 2016. After he had publicly warned at the start of 2017 about the fraudulent practices of both men, duped investors also reported.
Almost 180 of those who had joined the criminal case as a so-called injured party with a total claim for damages of more than 5 million euros, received zero from the court on Friday. They must go to the civil court for compensation.