On September 9, in Boston, Massachusetts, Evripides Georgiadis, of Larisa, Greece, was sentenced to 102 months in prison and ordered to pay $8.4 million in restitution.

In May 2014, Georgiadis was convicted of conspiracy to commit wire fraud, 11 counts of wire fraud and conspiracy to commit money laundering. According to court documents, between 2007 and 2011,

Georgiadis participated in a conspiracy to defraud developers who were seeking financing for large-scale alternative energy and commercial projects by pretending to be a representative of a multi-billion dollar fund located in Luxembourg.

Georgiadis and his co-conspirators convinced developers to give deposits between $300,000 and $1 million to this fraudulent fund with the promise that the deposit would be fully refundable. Georgiadis and his co-conspirators spent and transferred the developers' deposit money out of the country, and the fraudulent fund never financed any projects.

Over $7 million was stolen from victims, including $600,000 which had originally been provided by a financial adviser, Sean Mansfield. Mansfield, in turn, had stolen the funds from his clients. In 2011, Mansfield was sentenced to 60 months in prison for defrauding his clients.

Georgiadis’s co-defendants, John Condo, Frank Barecich, and Michael Zanetti, have all been sentenced to prison. Condo and Barecich were sentenced to 90 months and 12 months in prison, respectively. Zanetti was sentenced to 37 months in prison.