Michaël Fraysse, the “Toulouse Madoff”, has just been extradited from Colombia to France. He is suspected of embezzling 33 million euros using a Ponzi scheme. The judicial police of Toulouse are leading the investigations.
But where did the embezzled 33 million euros go? This question should be quickly put to Michael Fraysse. The Toulouse man suspected of defrauding nearly 400 people using a Ponzi scheme has returned to France. He was extradited from Colombia in early August.
On December 6, 2022, after being the subject of an international arrest warrant and a “red note” from Interpol, Haut-Garonnais, 46, was arrested near Bogota before being placed in custody by the South American authorities. Since then, this father of three daughters is incarcerated in one of the worst prisons in the world, surrounded by 9,000 inmates. He requested to be transferred to France through his lawyers, Mes Alexandre Parra-Bruguière and Sarah Nabet-Claverie. “This is an extremely voluminous file, our client will soon be heard by the investigating judge of the JIRS in Bordeaux. We will not communicate on this issue”, assure the defense lawyers.
Victims want answers
Michaël Fraysse is currently imprisoned at Mont-de-Marsan in Landes. For the victims, this return to France brings hope: they are waiting for clear answers and the possibility to recover some of their lost money. “We are still waiting to be reimbursed. We gave him 40,000 euros. Today, I really miss this money every day”, assures for example Océane (1), one of the many robbed people.
From December 2015 until 2021, Michaël Fraysse contacted hundreds of “clients” through his company CN2I. It promised attractive returns of between 6 and 12%. “You could invest in solar panels, housing abroad or retirement homes. After a few years, you've got back your original investment and interest. C “was very promising,” he sums up. Ocean. Maybe too tempting…
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In the first months, many were convinced by the tantalizing promises of this forty-year-old, taking him as a reliable investor. “His company seemed structured. He had vendors, plans, documents… Everything to reassure us,” the victim continued. Unfortunately, the funds were never invested in the announced projects. “Toulouse Madoff” may have simply created a pyramid scheme. The sums invested by the latest arrivals made it possible to finance the first customers. In total, 33 million euros disappeared.
Does he have accomplices?
The judicial police of Toulouse, in charge of investigations, are still looking for these financial flows. As evidenced by the study of his dozens of bank accounts opened around the world, Michaël Fraysse would have used part of the loot to gamble in casinos. He also allegedly used these colossal sums to live a life of luxury and travel around the world. For the police, a large part of these millions of euros would then have been laundered with the help of accomplices. To date, no other person has been charged. But a judicial investigation into “organized gang fraud, money laundering, tax fraud and deceptive business practices” is open.