Mastermind of Colombian pyramid scheme sentenced to 30 years in prison, fined $12.5 million

Colombian pyramid scheme mastermind gets 30 years

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.