Colombian Businessman Guilty In Pyramid Scandal

By: AP
By: AP

BOGOTA (AP) _ A Colombian businessman has been convicted in a
notorious pyramid scheme that authorities say bilked investors out
of more than $2.4 billion.

David Murcia Guzman was convicted of money laundering and illegal wealth accumulation through the company he founded, DMG Group Holdings SA.

DMG promised interest of well over 100 percent a year through a system of prepaid cards that could be used to buy merchandise. Authorities shut down DMG in November.

Judge Jose de los Reyes Rodriguez found Murcia guilty Wednesday. He will be sentenced soon.

His lawyer, Gustavo Salazar, called the ruling ``political'' and said he hopes to argue the case in the U.S., where ``justice is more serious.''

A New York court has sought Murcia's extradition.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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