EvoRich Ponzi founder Andrey Khovratov has been sentenced to five years in prison. Prosecutors had asked the court for a six year sentence.

Following his arrest attempting to flee Russia in early 2022, Khovratov was charged with five counts of participating in fraud via organized crime.

As per a January 23rd press-release from the Presnesnky Prosecutor’s Office, the Moscow court based Khovratov’s guilty verdict on EvoRich being a Ponzi scheme.

Khovratov, being the general director of Academy of Private Investor LLC, together with an accomplice who is on the wanted list and other unidentified persons, created a website accessible to an unlimited number of people, informing that anyone can become a co-owner, shareholder, shareholder, shareholder of the global an investment fund operating in all segments and sectors of the investment market.

The accomplices misled users of the Internet resource by providing deliberately false information that the investments would make it possible to implement the program of the New Economic Evolution of the World, created by Khovratov, and to receive high investment income.

In order to make a profit, the misled victims purchased cryptocurrency from the defendants, transferring funds to accounts controlled by them.

The members of the organized group distributed the funds received from the victims among themselves, evading their obligations to pay dividend income from investing in cryptocurrency, as well as to return the funds.

This is in line with BehindMLM’s EvoRich review, published in January 2021.

An unnamed accomplice of Khovratov’s remains wanted by Russian authorities.