Appeal proceedings opened against financial juggler Florian Homm
Published: Monday, Nov 4th 2024, 14:20
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The appeal proceedings against the German financial juggler Florian Homm and three other defendants began at the Federal Criminal Court in Bellinzona on Monday. Two defendants did not appear in court. The appeals chamber will decide this afternoon whether the trial can continue without the two absentees.
In spring 2021, the criminal division found Homm guilty of serious mismanagement and repeated forgery of documents and sentenced him to a partial prison term of 36 months - 18 months of which were conditional.
The appeal chamber overturned the verdict. It was of the opinion that the four defendants had not been correctly summoned to the main hearing. However, the Federal Supreme Court subsequently overturned this decision, meaning that the appeal hearing can now take place.
The second defendant, a fiduciary director from Küsnacht ZH, received 42 months unconditional imprisonment for serious money laundering, forgery of documents and fraudulent bankruptcy. The other two defendants received conditional prison sentences and daily rates.
170 million dollars drained away
They were accused of concealing the origin of the money that Homm had obtained criminally. In Switzerland, the financial juggler is said to have unjustly enriched himself with 170 million dollars.
The German financier used a fund management company he founded to cross-sell penny stocks between the various funds managed by the company in order to increase their prices and trading volumes as well as the value of the funds.
The hedge fund managed by Homm had a volume of up to 3 billion US dollars at times. During the financial crisis in 2007, the fund collapsed in the same year. In the USA, Homm is alleged to have defrauded investors of the equivalent of 200 million Swiss francs. (Case CA.2024.13)
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