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| 8/6/2009 12:00:00 AM

Colombian guilty of pyramid scam

Aug 06--A Colombian businessman has been found guilty of running a pyramid scheme that collapsed last year with thousands of people losing their life savings.

David Murcia Guzman, 28, was convicted by a court in Bogota of money-laundering and illicit enrichment.

He led the DMG Group, which promised returns of well over 100%.

Its collapse last November led to widespread street protests across the country by investors. Two people died in the unrest.

Murcia Guzman was extradited from Panama to Colombia last November to face accusations that his business was a pyramid scheme that amassed millions of dollars and duped at least 200,000 Colombians out of their life savings.
 
Read more here.
 
Semana International delivers news about Colombia in English. Find more in our home.
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