Auer-Welsbach Pleads Not Guilty

Businessn.a. ♦ Published: January 12, 2011; 00:24 ♦ (Vindobona)

The former CEO of the Austrian AvW stays by his actions on the first day of his trial.

Auer-Welsbach Pleads Not Guilty / Picture: ©

Wolfgang Auer-Welsbach is accused of serious professional fraud and breach of trust. He has allegedly defrauded a total of 13,000 investors since 1989. The amount of the damages is given as € 420m, of which damages included in the alleged fraud for € 270m.

Auer-Welsbach declared himself as not guilty. However, the defendant admitted being the "Master Mind" of the investment…