10 Rue des Moulins (Maison Ponzi?), Paris where the offices of 1855 are located
Last week Allen Stanford was sentenced to 110 years in jail for running a Ponzi scheme:
'Allen Stanford jailed for 110 years for
$7bn Ponzi (14th June 2012)
Disgraced tycoon Allen Stanford has been
sentenced to 110 years in jail for operating a Ponzi scheme that defrauded
investors of more than $7bn (£4.5bn).'
Substantial although Stanford's 110 year sentence is, it is easily eclipsed by 150 years given to Ponzi king – Bernard Madoff:
'Bernard Madoff jailed after pleading guilty
to Ponzi fraud (12th March 2009)
Bernard Madoff, the disgraced Wall Street
financier, was jailed after pleading guilty in New York to masterminding one of
the biggest ever corporate frauds – a $50bn Ponzi scheme.
The 70-year-old, dressed in a grey business
suit, was led out of court in handcuffs after Judge Denny Chin ordered that he
should be held pending sentencing on June 16. He faces a maximum 150-year jail
sentence.
Read the rest of the Daily Telegraph article here.
The huge sentences handed down to Madoff and Stanford raises some intriguing questions in respect to 1855 and, in particular, to Emeric Sauty de Chalon and Fabien Hyon. If these two scamsters were ever tried and convicted of fraud what would be an appropriate sentence – what tariff ought to be applied?
There are naturally a number of caveats here.
Neither Emeric Sauty de Chalon nor Fabien Hyon has yet been charged with any crime. Indeed they appear to continue to enjoy a high level of protection allowing them to continue to fleece a significant proportion of their customers with apparent impunity. As Emeric de Sauty de Chalon said in a video here the internet is 'une utile magique' (I assume he meant a wonderful invention for trousering your customers' money).
Clearly some people get their wines, even those who order Bordeaux en primeur. However, the blizzard of court cases against 1855 graphically demonstrates, a significant number do not and are systematically fobbed off with unfulfilled promises assuming that they are able to contact 1855 – a big assumption!
It is also clear that, although the frauds perpetrated by 1855 have been going on for some considerable time, they are nowhere near the magnitude of those committed by Stanford and Madoff.
So what would be, if the circumstances arose, an appropriate punishment for Emeric Sauty de Chalon and Fabien Hyon?
Shares in 1855 today traded between 0.03€ and 0.05€. Trading closed at 0.04€ and most of today's transactions were at 0.04€.
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Shares in 1855 today traded between 0.03€ and 0.05€. Trading closed at 0.04€ and most of today's transactions were at 0.04€.
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