Former Finiko Network Director Sentenced to 3 Years in Prison for $55 Million Scam

Lilian Nurieva, former cyber director of the Russian cryptocurrency investment fund Finiko, has been sentenced to three years in prison for defrauding private investors and participating in an organized crime group. The Federal Foundation for the Protection of Investor and Shareholder Rights considers the $55 million pyramid scheme the second largest financial scam in Russia's post-Soviet history. In 2021, Russian authorities began investigating the "cryptocurrency investment fund" Finiko for suspected fraud and organized crime. According to the investigation, the fund is a cryptocurrency fund based on a pyramid scheme that has absorbed millions of investors' funds. From 2018 to 2021, Finiko offered cryptocurrency funds to investors as a pyramid scheme. The main organizer and beneficiary of the scam, Kirill Doronin, held masterclasses across the country, attracting thousands of clients. With the help of his accomplices, Doronin created a criminal gang that systematically embezzled citizens' funds. The Vashtovsky District Court of Kazan found Lilian Nurieva, one of the executives of Finiko, guilty of defrauding investors. Nurieva, a key participant in the crypto scheme, was sentenced to a "light" sentence for cooperating with prosecutors. (Bitcoinist)