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(Oct 03, 2012)
On August 23, 2012, the Ukrainian Commission on Financial Markets Regulation approved draft legislation banning financial pyramids in
A fine and/or imprisonment for a term of from one to three years is foreseen for organizing or assisting in organizing a pyramid; for repeated activities of this nature, the term of imprisonment increases to five years. If a large amount of money or electronic communication or modern information technologies have been used to carry out the scam, a punishment of eight years of imprisonment is prescribed. (
It appears that the proposed legislation was drafted in response to activities of a notorious Russian businessman who had allegedly initiated a number of financial pyramids and was moving his activities to
|Author:||Peter Roudik More by this author|
|Topic:||Criminal law and procedure More on this topic|
|Jurisdiction:||Ukraine More about this jurisdiction|
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Last updated: 10/03/2012