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Home >> World
UPDATED: 08:10, June 08, 2006
Five suspects in Spain stamp fraud case released
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Five suspects involved in defrauding billions of euros from investors in a pyramid scheme were freed without bail by a Spanish judge on Wednesday.

According to the order by National Court Judge Santiago Pedraz, four executives at Afinsa Bienes Tangibles, the world's third biggest collectibles firm, and a private stamp dealer were released.

These five individuals, still considered suspects in the case, have been ordered to surrender their passports and report to the court every three days.

The Spanish prosecutors have filed charges against a total of 13 people suspected of being involved in the stamp-investment scam with seven from Afinsa and six from Forum Filatelico, a Madrid-based stamp investment firm.

Four of the suspects from Forum Filatelico are still in custody.

The two firms convinced around 350,000 investors to invest in overvalued or fake stamps by a "no-lose" sales program. They now have about 3.5 billion euros (4.47 billion dollars) of liabilities which cannot be discharged with assets.

All the suspects denied the charges and insisted to the court that they have done nothing wrong.

Source: Xinhua

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