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Kiener Says He Manipulated Funds, Lacked Courage to Close K1

Bloomberg – K1 Group founder Helmut Kiener, accused of running a 345 million-euro ($500 million) Ponzi schme, told a court he manipulated accounts and lacked the “courage” to shut down his hedge fund when the scale of his losses became obvious.

Kiener, 51, admitted that he attempted to hide losses with funds from new investors in a statement read at his fraud trial today in Wuerzburg, Germany. His lawyer, Achim Groepper, described the testimony after the hearing as “a confession, for the most part.”

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