A 40-year-old real estate investor was sentenced by the Court of Appeal to five years and six months’ imprisonment for gross fraud. Therefore, the judgment of the Oslo District Court will stand.
The man, a resident of Moss, was convicted in the district court of tricking 77 small savers into lending around NOK 54 million in the belief that they were investing in real estate projects in eastern Norway.
The Oslo district court’s ruling has been appealed. Now the Borgarting Court of Appeal has heard the appeal and concluded that the district court’s ruling will stand.
This means that the man faces a five-and-a-half-year prison sentence, at the same time he is sentenced to pay over NOK 60 million in compensation to those he deceived. The 40-year-old is also deprived of the right to be self-employed for five years.
The Court of Appeal justifies the decision, among other things, on the fact that the 40-year-old showed “resolute criminal intent”.
“The large sum totaled by the fraud makes the report particularly serious, but also the large sums that the fraud amounts to each of the many victims exacerbates the severity. Many people have been actively duped into paying large sums by showing up with a significant profit and without risk of loss,” reads the ruling of the Court of Appeal.
The Court of Appeal dealt only with the appeal against the determination of the fine. In May, the appeal against the examination of the evidence under the questions of guilt, application of the law and the procedure was rejected.
(©NTB)
