Owner of BMG Invest Fruni released on parole

Former owner of bankrupt non-banking companies BMG Invest and Horizont Slovakia Vladimír Fruni was released from prison on July 27, two years before his 11.5-year sentence was due to expire, TASR reported.

Former owner of bankrupt non-banking companies BMG Invest and Horizont Slovakia Vladimír Fruni was released from prison on July 27, two years before his 11.5-year sentence was due to expire, TASR reported.

Fruni, convicted of one of the biggest frauds in Slovakia's history, has been let out on parole. He was jailed after the aforementioned firms went bankrupt, leaving around 170,000 clients with 850,000 contracts out of pocket to the tune of around €465 million.

The companies were running what were essentially pyramid schemes, promising their clients unrealistic returns of up to 50 percent per year.

Fruni asked for release at the end of October 2009 after he served two-thirds of his sentence including pre-trial custody. The court asked the prison to assess Fruni's conduct in jail.

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