Properties of the fraudulent pyramid were confiscated by authorities

· Economics
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The Colombian authorities confiscated the properties of DMG Grupo Holding S.A., the company that was at the center of the pyramid scheme (Ponzi scheme). The properties were rated in USD 60 million.

DMG Grupo Holding S.A. was a company founded by David Murcia Guzmán that applied the Ponzi scheme, known in Colombia as “Pyramids.” Several Colombian families invested in the pyramids that collapsed by November 2008 when the companies of the scheme were run of money and could not pay interests to the investors and not to return their money. The pyramid companies were offering surprising interests for more than 100%. The southwest regions of Colombia were the most affected and the event caused several protests and violent reactions from anger investors, most of the farmers and workers from poor areas. The prosecutor said that more than 200 thousand persons were affected with the scheme.

Murcia Guzmán, a man from a simple origin, was captured by the Panamanian police and sent to Bogotá to face charges for illegal enrichment, money laundering and fraudulent activities. The government intervened most of the companies involved in the Pyramid scheme.

The General Prosecutor, Mario Iguarán, said to the press that 650 properties were confiscated this month with a value of USD 60 million. The properties of DMG were located in 10 Colombian cities and included enterprises, lands, houses and apartments. The purpose of the confiscation is gather funds to return the money to the many investors, most of them from poor areas, to alleviate their lost.

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