Finland court sentences four men for investor fraud

The Pohjanmaa District Court has sentenced four men to prison for defrauding investors through the sale and marketing of shares in Suomen Energianeuvonta Oy. The company promoted an electricity cost-saving system called ‘EnergiaGuru,’ which was falsely presented as a world-changing technology capable of predicting electricity price trends. In reality, the system relied on analyst decisions rather than automated market analysis.

According to the court, the defendants provided a misleading picture of the company’s value, leading over 100 investors to purchase shares for nearly seven million euros at significantly inflated prices. To bolster the company's perceived growth, the court found that revenue was artificially increased through the buying and selling of Fortum shares just before the end of the fiscal year. Additionally, marketing materials falsely claimed the company controlled 34 terawatt-hours of the electricity market and cited UPM as a major client, when the company only supplied electricity to a few UPM properties.

The convicted individuals and their controlled companies have been ordered to pay more than six million euros in joint compensation to the victims. The defendants have denied the charges.