Cryptocurrency boss is jailed for 11,196 years in Turkey after defrauding investors of millions of dollars – after prosecutors called for a 40,562-year sentence

A cryptocurrency boss has been jailed for more than 11,000 years after swindling investors out of millions of dollars.

Faruk Faith Ozer, founder of Thodex, was sentenced to 11,196 years in prison despite prosecutors request for a 40,562-year sentence.

The Turkish high school dropout was 22 when he started his own business, but on Thursday he was found guilty of money laundering, fraud, and organised crime.

It comes after the 29-year-old fled to Albania in 2021 with investor funds following the collapse of his business.

However, after Interpol issued a red notice for him, Ozer was located after two years on the run.

Authorities immediately extradited him back to his home country, where he faced criminal charges.

According to state media, it is believed that Ozer took $2 billion (£1.6 billion) from his customers before he went into hiding in Albania.

But the total amount of damages experienced by investors when Thodex went bankrupt is unknown.

According to the Anadolu agency, Ozer told the court: “I am smart enough to manage all institutions in the world. This is evident from the company I founded at the age of 22. If I were to establish a criminal organisation, I would not act so amateurishly.”

Ozer went into hiding after his business collapsed in 2021 but he was located in Albania two years later 

At an Istanbul court, Ozer, recived the hefty sentence alongside his sister Serap and brother Guven who were also found guilty of the same charges.

This lengthy sentence would be a shock to some people, but in Turkey, it’s quite common.

This legislation became more frequent after Turkey abolished the death penalty in 2004 in the hope of becoming part of the European Union.

In 2022, Adnan Oktar, a cult leader, was sentenced to 8,658 years in prison on several charges, including sexual abuse and depriving someone of their liberty.