Faruk Fatih Ozer, the ex-CEO of the now-defunct Turkish cryptocurrency exchange Thodex, has been handed a staggering prison term for defrauding investors. He has now begun serving his time behind bars. Ozer's conviction has been served after a prolonged legal battle stemming from the collapse of Thodex in 2021, during which he absconded with millions of dollars worth of investors' assets.

Turkish Court Hands Lengthy Sentences

Ozer, who fled to Albania following the collapse of Thodex, was recently extradited to Turkey to face charges related to money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term, fraud, and organized crime. In a ruling that sent shockwaves through Turkey's financial and cryptocurrency sectors, a Turkish court sentenced Ozer to an astonishing 11,196 years in prison for his involvement in the fraud scheme.

Notably, Ozer's brother and sister were implicated in the fraudulent activities and were handed similarly lengthy prison terms by the court. The magnitude of Ozer's sentence is partly attributed to the sheer scale of the fraud he orchestrated, affecting thousands of investors. Ozer faced a staggering 2,027 separate charges, each representing an individual defrauded during Thodex's collapse.

Founder of coll@psed Turkish crypto exchange Thodex, Faruk Ozer, bags just 11,196 years in prison

Faruk Fatih Ozer, who ran crypto exchange Thodex until it imploded in 2021, was sentenced to 11,196 years in prison by a Turkish court for crimes including fraud. pic.twitter.com/w2fFS9XkJU

— Instablog9ja (@instablog9ja) September 8, 2023

Lack of Remorse Contributes to Severity of Sentence

Furthermore, Ozer's lack of remorse during the trial proceedings likely contributed to the severity of his sentence. Despite the overwhelming evidence against him, Ozer reportedly displayed an unrepentant attitude in court, even suggesting that his actions, which led to the loss of millions for investors, were not criminal in nature.

The Thodex scandal bears a striking resemblance to similar cryptocurrency fraud cases, including the infamous FTX fraud masterminded by Sam Bankman-Fried who was recently sentenced to 25 years in prison. These cases underscore the growing concern surrounding the regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and security of the cryptocurrency market, particularly in the face of rampant fraud and exploitation.