The Public Prosecutor’s Office in Santa Cruz de Tenerife has requested a 12-year prison term along with a fine of 110,000 euros for a stockbroker accused of fraudulent activities in the online buying and selling of assets, primarily shares.
An oral hearing is scheduled next week at the Provincial Court of Santa Cruz de Tenerife, where the defendant faces charges of ongoing fraud and misappropriation, in addition to various fines.
The Prosecutor’s Office asserts that the individual had no genuine intention to engage in negotiation, claiming that his sole aim was to acquire an illicit gain, incorporating the funds into his assets, encompassing both the provided amount and any profits, “without ever intending to honour the terms agreed upon during the contract.”
He established a financial arrangement with the first victim after the latter provided him with 5,000 euros in cash, which stipulated that the profits were to remain in the portfolio until they could either be reinvested or withdrawn.
The documentation indicates that the timeframe agreed upon by both parties has elapsed, and the defendant failed to execute the promised refund.
Regarding the second complainant, the Prosecutor’s Office reports that, exploiting the friendship he had with the other victim, he managed to secure an additional 5,000 euros in cash followed by a transfer of 100,000 euros. However, similar to the earlier case, it appears that this agreement was never fulfilled.
If the first complainant secures a guilty verdict, he is due to receive 5,000 euros, whereas the second is to be compensated 105,000 euros for similar reasons.
