A Minsk Pyramid Scheme Operator Sentenced to Nine Years in Prison

Reform.news Editorial Team · 6 November 2026, 14:07

https://reform.news/en/a-minsk-pyramid-scheme-operator-sentenced-to-nine-years-in-prison/

A court has found a 44-year-old Minsk resident guilty of repeated fraud on an especially large scale. He was sentenced to nine years in prison and fined 30,000 rubles.

According to the prosecutor’s office, the defendant headed three companies. Over a period of three years, he defrauded individuals.

“Under the pretext of purchasing securities (shares and bonds), he persuaded victims to invest money and arranged for contracts to be signed on terms providing for the subsequent redemption or buyback of the securities, including at a price higher than the one paid by the victims.

Notably, the victims, placing their unconditional trust in the defendant, purchased securities at prices 20 times or more above their nominal value,” the statement said.

When the deadlines for fulfilling his obligations arrived, the man assured investors that he would return their money, repeatedly postponed repayment dates and renewed the contracts. When attracting new investors, he returned some of the money. In total, 18 victims lost 2 million rubles.

The defendant, who had previously been convicted of similar crimes, pleaded not guilty to the charges and refused to testify.

The verdict has not yet entered into force.