Nicosia lawyer swindled millions out of clients
A big-name lawyer swindled millions of euros out of her clients, involving in them in pyramid-scheme type tactics, a report said on Monday.
According to a report in Politis, a lawyer from Nicosia managed to swindle developers, lawyers, accountants, foreign businessmen, and even criminals with her pyramid-type investment opportunities that she presented them with.
The woman also had help in her scam, working with three other lawyers and a notary public, while she also appropriated company shares from one of her client’s companies and attempted to sell properties, as her own.
According to the report, the lawyer would convince clients to invest in various properties, which in the end did not exist, promising her clients high profits.
She would plan parties for her high-society clients at lavish hotels in Limassol, where she received investments of €100,000 and up to €2 million.
Most of the money was not reported or disclosed to state authorities.
The woman is also suspected of having attempted to pass off assets that weren’t hers as her own. The assets, properties worth over €1 million and belonging to one her clients, were located in Limassol.
The victim, a foreign business owner, was the one who uncovered the story, through the help of his lawyer abroad.
The lawyer turned over all the documentation to the Limassol police, who have until now only questioned suspects, without arresting anyone.
According to the report, the businessman’s assets were transferred unbeknownst to him to another lawyer in Limassol, after receiving a sign-off from the notary public.
The issue came to light after the accountant of the businessman’s company informed tax authorities that no such transfer had occurred.
Police were given the information a month ago, but have only proceeded to question those involved and have failed to arrest any of the suspects.