Man accused of illegal investments and Ponzi schemes facing 26 years in prison

The Public Prosecution Service (OM) recommended a jail sentence of 26 months, with ten of those conditionally suspended on Monday against Max R., known as the "miracle investor." He had to appear in court in Zwolle on Monday because he invested more than 25 million euros for 164 people via his company between 2018 and 2023 without a license for it.

He was also in court on charges involving money laundering of around 25 million euros and falsifying several documents.

According to the OM, R. has damaged confidence in investment service providers. "The economic damage of the dozens of victims is in the millions, and R. does not explain enough about it." According to the Public Prosecution Service, the 'miracle investor' was involved in Ponzi fraud, in which investors are promised a high return. But in reality, that profit consists of the investment of new participants.

R. admitted during the court case that he did not have a license for his investment services. He found out that he needed one after asking a company for advice. At that point, he explained, it was already too late to get a license.

The OM claims that he gave some investors the impression that he had one or was about to receive one. They also referred to R.'s confessions to the Fiscal Information and Investigation Service (FIOD) about falsifying an investment overview, an annual review, and other documents.

According to OM, R. made investments with just 14 million euros. He spent the rest on expensive purchases for himself, including a house in Amsterdam worth around 7.5 million euros that he bought with his girlfriend at the time. That money came from Mark Nuvelstijn of the crypto investment platform Bitvavo. The CEO and one of the platform's founders thought that the money was being used to purchase a share package.

During the case, the suspect said that it was "very wrong" to use investors' money for himself and that he did not know how much money he was receiving and spending. He also claimed to have expressed his regret to the victims of the crime on several occasions.

His lawyer requested a lower prison sentence of 22 months, of which 10 are conditional. He emphasized that R. has since been declared personally bankrupt. "Everything has been seized; there is not a euro left to be found. He now lives in his parents' attic," he stated.

The judges will reconsider the case on Monday, September 9. The verdict may follow on that date.