Tuesday, June 25, 2024

Logo Central America Link

Costa Rica court convicts U.S. investor of fraud

Friday, February 19, 2016

After a three-week trial in Costa Rica, judges convicted U.S. investor Cyrus Sepeh on five counts of fraud, sentencing him to 20 years in prison for what Porras called an elaborate and structured Ponzi scheme designed to defraud fellow U.S. real estate investor Dan Kohanarieh.

In addition, judges ruled that Sepehr must pay Kohanarieh $1 million for the “moral damages” he suffered as a result of the failed investments.

Source: Tico Times