Friday, September 22, 2017

Court hears victims in fraud case against Alexei Kalinichenko

The Yekaterinburg Leninsky Distric Court heard three complainants this week regarding the criminal case involving Alexei Kalinichenko.

Alexei Kalinichenko is the founder of the financial pyramid schemes Livingston Investment, Global Gaming Expo and UTG. He was not present at the hearing, Ural Business Consulting reports.

Kalinichenko set up the schemes in 2003, luring private investors by promising a high weekly interest rate. Investors' money was allegedly used for trading on Forex. Kalinichenko used Meta Trader to upload falsified reports on the "positive" results of his financial operations, according to an investigative team. He then transferred the people's money into specially opened private bank accounts.

"I joined Global Gaming Expo virtually on the eve of its collapse," one of the complainants said, Ural Business Consulting reports. "For a few months, I saw some good-looking reports on my account via Meta Trader, but then the data in the tables stopped changing, and I went to the company's office only to hear that everything was going well. However, the office closed down later, and I found out that its accounts had been seized and that Kalinichenko had fled abroad."

The Forex trading was done through Bank24.ru, where Kalinichenko is a BOD member. He also controls 20 percent of the bank's shares. In early 2007, he fled abroad to avoid prosecution and was placed on the international "wanted" list, with charges of large-scale fraud, based on Article 159 of the Russian Federation Criminal Code. He may face up to 10 years in prison for the offense, as per the code, Ural Business Consulting reports.