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Ponzi suspect shoots himself while in Spain
A suspect in a German investigation into an alleged €300m (£248.5m) Ponzi scheme committed suicide on Saturday, it has been confirmed.
Dieter Frerichs, managing director of the K1 hedge fund group, is believed to have shot himself on a Spanish beach.
He was undergoing extradition proceedings in connection with the alleged fraud.
K1’s founder, Helmut Kiener, was arrested last year and remains behind bars. Lawyers for Kiener denied he committed fraud and had sought his release on bail, arguing he was a diplomat for the West African nation of Guinea-Bissau, documents appealing against his arrest showed.
K1 announced it would go into liquidation after its assets were frozen.