Administrators clearing up a CHF800 million ($877 million) collapsed pyramid scheme have managed to recover just CHF12.7 million from one of Switzerland’s largest fraud cases. Financier Dieter Behring ripped off 1,700 investors between 1998 and 2004 with a scam that promised oversized financial returns. Instead, it financed a lifestyle of luxury for Behring before collapsing. In 2016, Behring was convicted of fraud and money laundering and was later ordered to pay back investors CHF207 million, but he died before starting his prison sentence. Since then, the authorities have attempted to recover funds for investors. But Swiss public broadcaster SRF reported on Saturday that only a fraction of the losses had been obtained, with limited prospects of adding much to the assets. The lawyer tasked with clearing up the bankrupt Behring estate confirmed that just CHF12.7 million had been recovered for the 736 creditors, who have filed claims amounting to CHF790 million. “It would be...
