Facts
The appellant [X.] offered investment opportunities for lenders in his capacity as the responsible body of [B. AG] and [C.] Ltd. from approximately August 1998 to September 23, 1999. He promised a loan interest rate of 5 to 15% per month and repayment of the loan amount. Numerous investors transferred assets to him in the amount of at least CHF 5 million. However, [X.] did not invest the funds as agreed, but used them for his own needs or those of third parties. At the latest from July 21, 2000, as the responsible body of [B. AG] and [C.] Ltd., he concealed assets from the liquidator [E. AG] in the bankruptcy proceedings.
Considerations
The Federal Court notes that the appellant fraudulently concealed assets from the liquidator in the bankruptcy proceedings. While he had the right to refuse to testify in the criminal proceedings, he was obliged to provide information in the bankruptcy proceedings. The mere violation of the duty to cooperate in the bankruptcy proceedings constitutes the offense of fraudulent bankruptcy if the concealment is of a fraudulent nature. This is the case here, as the appellant fraudulently concealed the assets.
The lower court has correctly determined the sentence.…