This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/europe/6917855.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
French army share scammer jailed French army share scammer jailed
(about 23 hours later)
A French-Israeli businessman has been sentenced to five years in jail for his role in swindling hundreds of French soldiers out of millions of dollars.A French-Israeli businessman has been sentenced to five years in jail for his role in swindling hundreds of French soldiers out of millions of dollars.
Claude Lipsky and three co-defendants were also ordered to pay compensation of 17m euros ($23m; £11.4). Claude Lipsky and three co-defendants were also ordered to pay compensation of 17m euros ($23m; £11.4m).
Lipsky targeted French soldiers serving abroad in a scam that promised them high returns for investing in a supposedly fool-proof financial scheme.Lipsky targeted French soldiers serving abroad in a scam that promised them high returns for investing in a supposedly fool-proof financial scheme.
He is said to have amassed 30m euros ($40m; £19.5) between 1986 and 1999. He is said to have amassed 30m euros ($40m; £19.5m) between 1986 and 1999.
More than 400 soldiers invested their savings in the scheme, which they were told relied on revolutionary computer software to analyse long-term trends in the stock market.More than 400 soldiers invested their savings in the scheme, which they were told relied on revolutionary computer software to analyse long-term trends in the stock market.
The scam took place between 1986 and 1999. Most of the soldiers targeted were stationed at French military bases in west Africa and Djibouti.The scam took place between 1986 and 1999. Most of the soldiers targeted were stationed at French military bases in west Africa and Djibouti.
Officers sentencedOfficers sentenced
Lipsky admitted to the scam during the trial, the AFP news agency reports.Lipsky admitted to the scam during the trial, the AFP news agency reports.
He was personally ordered to pay a fine of 75,000 euros.He was personally ordered to pay a fine of 75,000 euros.
"This is a stunning victory. It is an astronomical sum," a lawyer for scheme's victims said."This is a stunning victory. It is an astronomical sum," a lawyer for scheme's victims said.
Two army officers, Lt Col Claude Derusco and Gen Pierre Haubois, were fined 150,000 euros after being convicted of drawing their subordinates into the scheme.Two army officers, Lt Col Claude Derusco and Gen Pierre Haubois, were fined 150,000 euros after being convicted of drawing their subordinates into the scheme.
Derusco was given a three-year jail term, Haubois was sentenced to 30 months.Derusco was given a three-year jail term, Haubois was sentenced to 30 months.
The fourth defendant, Geneva-based private bank, Sofipriv, was fined 700,000 euros for fraud and aggravated money-laundering.The fourth defendant, Geneva-based private bank, Sofipriv, was fined 700,000 euros for fraud and aggravated money-laundering.
The bank has since re-named itself SPB.The bank has since re-named itself SPB.