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Slideshow Polish prosecutors charge head of collapsed gold fund Tweet Share this Email Print Related News UPDATE 2-Polish TVN expects more pain from TV advertising market Thu, Aug 9 2012 Gold up, volume thin on uncertainty over cenbanks Mon, Aug 6 2012 Gold eases before central bank meetings, up for July Tue, Jul 31 2012 Polish Solidarity distances itself from Romney visit Mon, Jul 30 2012 Exclusive: Prosecutors, regulators close to making Libor arrests Sun, Jul 22 2012 Analysis & Opinion Losing the gold medal in football â€“ and economics Sarbanes-Oxley’s lost promise: Why CEOs haven’t been prosecuted Related Topics World » By Chris Borowski WARSAW | Fri Aug 17, 2012 12:15pm EDT WARSAW (Reuters) - Polish prosecutors brought criminal charges on Friday against the 28-year-old head of a collapsed investment firm, Amber Gold, accusing him of running a pyramid scheme that defrauded thousands of Poles by promising guaranteed profits from gold. The prosecutor's office in the Baltic coast city of Gdansk, where the firm was based, filed six charges related to its activities against Chief Executive Marcin Plichta, spokesman Wojciech Szelgowski said. He said Plichta faced five years in prison and a 5 million zloty ($1.5 million) fine if convicted of the charges, which include offering banking services without a license and using forged documents to register a new business. Plichta declined to comment to reporters on Friday after being questioned for five hours by prosecutors, but has previously denied any wrongdoing. The case has dominated news coverage in recent weeks, with television news broadcasts showing queues of worried customers at branches across Poland demanding the return of their savings. The firm announced on Monday that it would seek liquidation. Amber Gold, which promised high returns on investments in gold even as the precious metal's price on the market stagnated, is reported by Polish media to owe 80 million zlotys ($24 million) to 7,000 Poles. At its peak, the group had 50,000 investors. Investigators who searched various premises related to the firm found 57 kg of gold, 1 kg of platinum and less than 1 kg of silver, with a combined market value of around $3 million. The head of Poland's financial and markets watchdog KNF on Thursday called Amber Gold "a typical pyramid scheme" in which funds from new customers are used to pay earlier ones. The regulator had put the company on its "watch list" in November 2009, only months after its launch and several times asked prosecutors to investigate it, with little success. Plichta also used funds from Amber Gold to launch a local low-cost airline which failed in July after just four months. ($1 = 3.2870 Polish zlotys) (Reporting by Chris Borowski; Editing by Catherine Evans) World Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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