Former pyramid investment scheme boss extradited to Albania

TIRANA, Aug 14 – Former boss of Cenaj&Co failed investment pyramid scheme, Lefter Cenaj was extradited Thursday from Greece to serve his ten-year imprisonment in his country.
Cenaj, 61, was brought at the Mother Teresa airport in the afternoon handed over from the Greek authorities to their Albanian counterpart.
He was arrested in Athens.
Cenaj was one of the about two dozens schemes that took the country into turmoil up to anarchy in 1997 after Albanians lost their life savings at the failed schemes. Many of the bosses of the other schemes have been sentenced and serving their terms. Others, like Cenaj until now, have been sentenced but they are at large.
Cenaj was sentenced five years ago for deceit with some 5.7 billion leks, about 48 million Euros with today’s rate.
In all, 1.68 million investors lost a total of US$1.26 billion when the schemes collapsed. The schemes were fueled by new cash pumped in by gullible investors, and crashed when enough investors pulled out to claim their profits.
Crowds looted army depots, the government ceased to function and a few thousand people died in the violence. A temporary administration was set up with the help of the international community after a NATO-led force was sent to Albania to help restore order.
Several other managers of failed pyramid schemes have been imprisoned and many others fled Albania. Few of the missing funds have been paid back to private investors. (Tirana Times Staff)