Asia

34-year-old man sentenced to 13,000 years in prison in Thailand

A 34-year-old man has been sentenced to more than 13,000 years in prison in Thailand.

The conman named Pudit Kittithradilok helped run a fraudulent Ponzi scheme that promised investors massive returns.

The BBC reports that Pudit was found guilty of 2,653 counts of fraud after ripping investors off for more than £120 million.

After he admitted that he committed the crime, the court halved his sentence down to 6,637 years and six months.

According to the Bangkok Post, investors were promised generous returns, plus incentives to bring new members on board.

In the style of a standard pyramid scheme, these new cash injections would then be used to pay off the earlier backers.

Pudit had been held in Bangkok remand prison since his arrest in August.

Despite the sizeable sentence, Pudit is unlikely to serve more than 20 years in jail, as Thai law sets a maximum 10-year term for each of the two crimes he was convicted of.

The court fined his two companies the equivalent of $20m each. The firms were ordered to repay around $17m to the 2,653 identified victims, with 7.5% yearly interest.

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