Eight EXW Pockets suspects have been indicted in Austria.
Two have been arrested and stay in custody pending the end result of a legal trial. Stated trial kicked off on September twenty seventh.
Particulars of Austria’s investigation into EXW Pockets are sketchy, as is specifics of the legal trial.
Sadly resulting from native legal guidelines, we don’t know precisely who Austrian authorities have charged.
As reported by ORF on August twenty third nevertheless;
Two of the eight defendants are in custody, together with the 25-year-old firm founder and managing director of EXW.
BehindMLM reviewed EXW Pockets (aka Change Pockets) in September 2019. As a part of our analysis we cited Christian Kurt Singer as CEO of the corporate.
Whereas we will’t verify their arrest, different executives hooked up to EXW Pockets embody Benjamin Herzog, Mario Abraham and Benno Candussi.
EXW Pockets launched in late 2019 and was an MLM crypto Ponzi scheme, run via a cell app.
EXW Pockets traders invested in EXW tokens on the promise of 0.1% to 0.32% a day.
EXW Pockets collapsed in 2020. Manuel Batista, Benjamin Herzog (proper) and Pirmin Troger rebooted the Ponzi scheme as Change World on August twenty sixth.
As alleged by Austrian Prosecutors;
The cash obtained was by no means invested in cryptocurrencies, however went instantly into the defendants’ pockets.
That is about touring completely with personal jets, costly automobiles and costly watches.
The EXW Pockets legal case is constructed across the Ponzi scheme defrauding 40,000 traders out of €14 million euros.
On CrunchBase Benjamin Herzog confirms he was “born August 13, 1997”, making him 26. Herzog can also be from Klagenfurt, Austria.
Protecting the primary day of the EXW Pockets legal trial on September twenty eighth, ORF reported;
For the prosecution, the 26-year-old from Klagenfurt is the brains behind the opaque firm assemble EXW.
This all however confirms Herzog has been arrested. Of be aware is after EXW Pockets and Change World collapsed, Herzog fled Europe for Dubai.
It’s unclear whether or not Herzog was arrested in Austria or was extradited there from one other nation.
What we do know is 2 of Herzog’s wished accomplices are nonetheless hiding in Dubai.
(Herzog) sought out skilled enterprise companions, two of whom are nonetheless being sought by the police.
They’re mentioned to be in Dubai and Bali, and a 3rd is in custody in Brazil and is awaiting extradition.
It’s once more unclear who the arrested EXW Pockets suspect in Brazil is.
Regardless of committing securities fraud and operating a Ponzi scheme, in his protection Herzog said;
We have been 21, 22 and we thought we had opened the gold mine of the world.
Immediately I believe it’s full insanity, a number of issues might have been carried out otherwise.
When requested the place stolen EXW Pockets investor funds have been, Herzog advised the Choose presiding the trial;
He is aware of nothing in regards to the whereabouts of this cash. The remaining, round twelve million euros, had been paid out to the purchasers.
Name me cynical however I believe it’s moderately apparent EXW Pockets investor funds are sitting in financial institution accounts in Dubai.
The trial was adjourned on Thursday and can final a number of months.
Every EXW Pockets suspect is dealing with a one to 10 yr jail sentence. ORF estimates a verdict will be anticipated round February 2024.
An investigation into a further fourteen suspects tied to EXW Pockets continues.
Replace thirtieth September 2023 – Some attention-grabbing tidbits from further reporting by Kurier.
Herzog was arrested final yr after attending a celebration in “Higher Austria”. Upon being arrested, Herzog purportedly feigned being autistic.
In accordance with prosecutor Czedik-Eysenberg, he acted as an autistic particular person. However he managed to reset his telephone to manufacturing facility settings in time.
Most likely not an excellent look speeding to delete doubtlessly incriminating proof when police bust down your door.
Since Wednesday, he and 7 different defendants (aged as much as 48 years outdated) have needed to reply for severe industrial fraud, cash laundering, chain or pyramid video games and legal affiliation.
Solely one of many males has a legal file. Six of them – together with two brothers – are natives of Carinthia and two are Tyrolean.
Herzog’s indictment runs 300 pages and prosecutors are hoping to name up 150 witnesses.