| | |  Business News | December 2009 
Colombian Pyramid Scheme Mastermind Gets 30 Years
 Associated Press
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December 17, 2009
| | David Murcia | |
Bogota — A man whose pyramid investment scheme bilked fellow Colombians out of hundreds of millions of dollars has been sentenced to 30 years and eight months in prison for a money-laundering conviction.
The Colombian judge also has fined David Murcia $12.5 million. He is expected to be extradited to the U.S. soon on money-laundering conspiracy charges.
In issuing the sentence Wednesday, Judge Jose de los Reyes called the 29-year-old Murcia "inebriated by wealth."
Murcia's business, DMG Group Holdings, drew in investors with promises of fantastic interest rates then collapsed in late 2008. The judge says Murcia took in $2 billion, and only some $100 million was returned to investors.
Police suspect Murcia was laundering drug money.
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