Cryptocurrency boss is jailed for 11,196 years in Turkey after defrauding investors of millions of dollars – after prosecutors called for a 40,562-year sentence

A cryptocurrency boss has been jailed for more than 11,000 years after defrauding investors of millions of dollars.

Faruk Faith Ozer, founder of Thodex, was sentenced to 11,196 years in prison, despite the prosecutor’s request for a prison sentence of 40,562 years.

The Turkish school dropout was 22 when he started his own company, but on Thursday he was found guilty of money laundering, fraud and organized crime.

It comes after the 29-year-old fled to Albania with investor funds in 2021 following the collapse of his company.

However, after Interpol issued him a red alert, Ozer was located after two years on the run.

Authorities immediately extradited him to his home country, where he faced criminal charges.

According to state media, Ozer is believed to have taken $2 billion from his clients before going into hiding in Albania.

But the total amount of damage suffered by investors when Thodex went bankrupt is unknown.

According to the Anadolu AgencyOzer told the court: “I am smart enough to run all the institutions in the world. That is evident from the company I founded at the age of 22. If I were to create a criminal organization, I would not act so amateurishly.”

Ozer went into hiding after his company went bankrupt in 2021, but two years later he found himself in Albania

At a court in Istanbul, Ozer was given the harsh sentence along with his sister Serap and brother Guven, who were also found guilty of the same charges.

This long sentence would come as a shock to some people, but in Turkey it is very common.

This legislation became more frequent after Turkey abolished the death penalty in 2004 in hopes of joining the European Union.

In 2022, Adnan Oktar, a cult leader, was sentenced to 8,658 years in prison on several charges, including sexual abuse and depriving a person of his liberty.