A Turkish court has handed down an enormous combined prison sentence of 11,196 years to Faruk Fatih Ozer, a prominent cryptocurrency executive and his siblings. The verdict follows their conviction for defrauding investors of substantial sums of money.
As reported by BBC, In 2021, Faruk Fatih Ozer, the 29-year-old executive in question, escaped to Albania as his cryptocurrency exchange, Thodex, plummeted. However, he was deported to Turkey in June and held accountable for several charges, including money laundering, fraud, and participating in organised crime activities.
Ozer, who founded the company when he was just 22, defended himself vigorously during the trial, asserting his capability to lead any global institution, as evidenced by the establishment of his company.
Unprecedented Penalties
The Istanbul-based trial also implicated Ozer’s siblings, Serap and Guven, finding them guilty of similar offences. The trio received separate sentences, accumulating to the staggering total years outlined in the final judgment, which pertained to crimes against 2,027 individuals.
Since abolishing capital punishment in 2004, Turkey has witnessed a surge in such hefty prison sentences. Similarly, television personality and cult leader Adnan Oktar was sentenced to 8,658 years behind bars in 2022, alongside ten of his followers, for various criminal activities, including fraud and sex offences.
In the case of the Ozer siblings, the prosecution had initially sought a jaw-dropping 40,562 years of imprisonment as a fitting punishment.
The Meteoric Rise and Fall of Thodex
Turkish citizens largely embraced cryptocurrencies as a shield against the significant depreciation of the lira over two years ago. Thodex, established in 2017, quickly became a key player in Turkey’s virtual currency exchange landscape.
Ozer became a notable figure in the financial sector, garnering national acclaim through associations with individuals who supported the government. Unfortunately, his platform crumbled in April 2021, resulting in a massive disappearance of investor assets. Following the debacle, Ozer absconded, only to be apprehended in Albania due to an international arrest warrant, sparking an extensive legal battle.
Various Turkish media outlets have suggested that Ozer absconded with assets valued at around $2 billion. The prosecutor’s documentation pegs the losses experienced by Thodex investors at approximately 356 million liras. At the time of the company’s downfall, this amount translated to about $43 million, which has shrunk to $13 million, courtesy of inflation and the lira’s depreciation.
