55M CHF Alleged Fraud at Zug High Court

Lun, Jun 10th 2024

Zug’s High Court hears a major fraud case, with CHF 55 million at stake in a pharmaceutical scam. Investors lured by the promise of Amvac’s potential face a shocking truth.

Today, the Zug High Court takes on one of its most significant fraud cases. Investors were led astray, losing CHF 55 million in a sham involving Amvac, a promising pharmaceutical company. The heart of the scam? Worthless shares sold under the guise of breakthrough potential.

The main defendant, a 51-year-old Hungarian who once helmed Amvac, faces charges of commercial fraud and document forgery. Starting the company in 2005, her lack of expertise quickly drove the firm towards insolvency. Despite this, nearly a thousand naive investors were targeted through aggressive telemarketing and tricked into investing by 2015.

The plot thickened as the accused, along with two co-defendants, pushed the sales, misleading investors about using their funds. Instead of funding research, the proceeds fueled a life of luxury. The initial trial saw her sentenced to six and a half years, while her accomplices received sentences ranging from three to four and a half years.

As the appeal trial spans five days, many await justice, hoping for a close to this unsettling chapter in Zug’s financial history.

©Keystone/SDA

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55M CHF Alleged Fraud at Zug High Court

55M CHF Alleged Fraud at Zug High Court

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