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The Presnensky District Court of Moscow sentenced Andrei Khovratov, CEO of Private Investor Academy LLC, to five years in prison for creating an organized group for investing in cryptocurrency, the court’s press service said in a statement.
He was found guilty of committing five crimes under Part 4 of Article 159 of the Criminal Code (CC) of the Russian Federation (fraud committed by an organized group or on an especially large scale).
According to investigators, Khovratov committed fraud on an especially large scale because, with the intent to illegally enrich himself, he created an organized group for the mass involvement of an unlimited number of people to invest money in cryptocurrency.
Based on Part 3 of Article 69 of the Criminal Code of the Russian Federation for the totality of crimes by partial addition of the imposed penalties, the court finally sentenced Khovratov to imprisonment for a period of five years to be served in a general regime correctional colony, the press service noted.
He was found guilty of committing five crimes under Part 4 of Article 159 of the Criminal Code (CC) of the Russian Federation (fraud committed by an organized group or on an especially large scale).
According to investigators, Khovratov committed fraud on an especially large scale because, with the intent to illegally enrich himself, he created an organized group for the mass involvement of an unlimited number of people to invest money in cryptocurrency.
Based on Part 3 of Article 69 of the Criminal Code of the Russian Federation for the totality of crimes by partial addition of the imposed penalties, the court finally sentenced Khovratov to imprisonment for a period of five years to be served in a general regime correctional colony, the press service noted.
