Imprisoned boss of failed pyramid scheme asks for sentence cut

TIRANA, Aug 19 – Lefter Cenaj, participant in the failed pyramid investment scheme with Cenaj & Co, later extradited from Greece to serve his imprisonment of ten years in his homeland, has asked the court to reduce his sentence since he served part of it in neighboring Greece where he was arrested. He wanted to eliminate five and a half years that he said had been served in Greece. Cenaj was one of some two dozens schemes that propelled the country into turmoil and anarchy in 1997 after many Albanians lost their life savings in the failed schemes. Many of the officials connected to the other schemes have been sentenced and are serving prison terms. Others, unlike Cenaj, remain at large. Cenaj was sentenced five years ago for deceit in mishandling 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 while claiming 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 only 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 while many others fled Albania. Very little from the missing funds have been paid back to private investors. (Tirana Times Staff)