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.

 

Update 25th November 2024 – Public Prosecutors have filed an appeal against four of the EXW sentences.

As reported by Kleine Zeitung on November 3rd, the Public Prosecutor’s Office believes the four appealed prison sentences are “too short”