Italian arrested in Ticino for suspected financial crimes
Published: Tuesday, Nov 14th 2023, 12:00
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An Italian man has been arrested in Ticino for several alleged financial crimes. The man allegedly financed an expensive lifestyle by selling financial instruments with the prospect of exorbitant interest rates.
According to information from the Ticino cantonal police, the 32-year-old collected large sums of money via an internet portal with a Swiss domain (.ch). The anonymous company he operated, based in the Lugano area, was moved by the Italian from the canton of Zug to the canton of Graubünden and then to Ticino within a few months.
In return for the alleged purchase and sale of financial instruments, he promised exorbitant interest rates of between 14 and 35 percent. According to the initial findings of the investigation, the assets obtained were used to finance an expensive lifestyle or to pay off the interests of former creditors.
The man is accused of embezzlement, fraud, mismanagement and money laundering.
©Keystone/SDA
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