Spain · To May 2006, when the company was intervened by the authorities

Fórum Filatélico stamp investment contracts

The Audiencia Nacional described the case as the "paradigma de las estafas piramidales" (the paradigm of pyramid frauds), according to the Spanish judiciary. In upholding the ruling, the Supreme Court found that investors did not know the stamps were worth only a small fraction of what they paid and that the company kept paying returns only by attracting new clients, as reported by El Derecho.^1,2

Losses as statedThe Spanish judiciary said claims recognised by the bankruptcy administration exceed 3.7 billion euros.¹

Victims as statedThe Spanish judiciary said 190,022 holders of 269,570 philatelic contracts were affected.

Recovered for investorsThe Audiencia Nacional ordered numerous properties, bank accounts and cash forfeited, with proceeds to go to the bankruptcy administration for distribution to victims. Amounts distributed were not confirmed.¹

People and outcomes

Former president of Fórum Filatélico (identified by the Spanish judiciary as Francisco B.)

Convicted by the Audiencia Nacional in July 2018 of continued aggravated fraud, punishable insolvency, falsification of accounts and money laundering, and sentenced to 12 years, 4 months and 16 days with a fine of 49.7 million euros. On appeal the Supreme Court upheld the fraud finding and reduced his sentence to 11 years and 10 months, as reported on 6 March 2020.^1,2

Response: No response is recorded in the sources reviewed.¹

Timeline

13 July 2018Audiencia Nacional convicts 20 of 27 defendants, with sentences of up to 12 years.¹
6 March 2020Supreme Court upholds the fraud finding, acquits four more defendants and leaves 16 convictions with terms from 6 months to 11 years and 10 months.²

Sources

Consejo General del Poder Judicial (Spain), Penas de hasta doce años de cárcel para 20 de los 27 acusados por la estafa de Fórum Filatélico (13 July 2018)
El Derecho, El Supremo confirma la estafa piramidal de Fórum Filatélico (6 March 2020)