EXW Ponzi founder Benjamin Herzog has been sentenced to five years in prison.

Herzog and nine EXW Ponzi co-defendants were sentenced on Wednesday by Klagenfurt Regional Court.

As reported by DiePresse;

The two main defendants were sentenced to five years in prison. They are said to have defrauded 40,000 victims of at least 20 million euros.

I believe the other “main defendant” refers to Pirmin Troger. Troger and Herzog were found guilty of “serious commercial or serious fraud and criminal association”.

EXW Wallet’s third co-founder, Manuel Batista, remains a fugitive hiding in Dubai.

Of the remaining eight defendants;

Two others [received] 30 months suspended, one 18 months suspended. Five defendants were acquitted.

No word on monetary penalties and/or victim restitution.

EXW Wallet was an MLM crypto Ponzi launched in 2019. At time of sentencing the tens of millions stolen through the scam remain unaccounted for.