Financial pyramids may lead to imprisonment

06/20/16 20:08

Financial pyramids may lead to imprisonment

The central bank proposes to introduce administrative and criminal responsibility for organising financial pyramids

Tiraspol, 20 June. /Novosti Pridnestrovya/. The central bank has proposed to establish criminal and administrative responsibility for organising financial pyramids. Inna Goleva, head of the legal department at the Pridnestrovian Republican Bank, proposed to make amendments to the Administrative and Penal Codes in the course of a government meeting.

«Financial pyramids pose a threat to the country's economic security as they prevent investments in the real sector of economy," she explained the necessity of adopting this initiative.

According to Inna Goleva, victims of financial pyramids do not invest in the purchase of financial instruments, but simply give their money to certain persons.

She recalled a well-known company «Mercury-Mutual Fund» as an example. Citizens irrevocably transferred their money to some «keepers» and were promised a daily revenue of 0.7−1.1% of the transferred sum (300% a year). This organisation had no its own capital or any other assets. As a result, it clients just lost their money.

To combat a destructive influence of financial pyramids, the central bank proposed, first, to introduce the notion of financial pyramid to the Pridnestrovian legislation and, second, to establish responsibility for its organisation.

Thus, if the amount of funds employed by the financial pyramid does not exceed 92,000 roubles, it is supposed to impose a fine of 1,380−8,280 roubles on citizens and a fine of 12,800−18,400 roubles on organisations. The advertisement of financial pyramid also implies administrative responsibility.

Big (over 92,000 roubles) and gigantic (over 184,000) pyramids are proposed to be regarded as a financial fraud, which is punished in accordance with Items 1 and 2 of Article 155 of the Penal Code. They provide for various fines, correctional work and from 2 to 6 years of imprisonment.

The draft law will be submitted to the parliament for consideration.


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