700 people were damaged, billions in damage … The gigantic real estate fraud “Apollonia” was finally carried out in Marseille

700 people were damaged, billions in damage ... The gigantic real estate fraud "Apollonia" was finally carried out in Marseille


They dreamed of building a real estate portfolio at a lower price, but eventually lost almost a billion euros: Apollonia and 13 other defendants will be tried in Marseille for widespread fraud to the detriment of about 700 investors.

Fourteen years after the first complaints, Marseille’s investigating judge Valéry Muller issued a warrant in mid-April for referral to a criminal court in this large-scale case. The trial is expected in the spring of 2023.

The main defendants include the management company Apollonia, based in Aix-en-Provence (Bouches-du-Rhône), and its founders: Mr and Mrs Moussa-Jean Badache, a 67-year-old former businessman, and his wife, Viviane (65). beautician, and also their son Benjamin Heysen-Badache, 44, who was at the head of the company for some time.

“Without purse”

Me René Spadola’s lawyer, sales representatives – Rémy Suchan, François Mélis, Jean-Luc Puig and Amélie d’Almeida -, three Apollonia administrative staff responsible for bank relations: Lynda Quintart, Fabienne Florentino and Holda Dahir, and also two notaries – Jean-Pierre Brines and Philippe Jourdeneaud.

At the beginning of the 21st century, Apollonia experienced a spectacular boom that brought it to the front pages of economic newspapers. His secret? Offer wealthy clients, especially the medical community, real estate investments in order to build assets for their retirement.

Apollonia offered its interested parties through telephone campaigning to obtain a number of real estate programs falling under the system of professional furnished furniture rentals (LMP), which is fiscally advantageous.

The mechanism seemed all the more attractive because “the combined effects of these tax advantages and rental income were considered “according to project promoters, to guarantee customers “self-financing of acquisitions, which allows them to build an important heritage on the threshold of retirement almost without a wallet. “summarizes the investigating judge.

However, the ticket to achieving this “grail” was high, the investor had to justify more than 23,000 euros a year of his rental activities.

“phantasm”

An imperative that led to an increase in investor acquisitions of between 800,000 and four million euros. Hundreds of them eventually accepted the deal. Today, 690 have joined as civic parties.

Because the promised self-financing “she was just a mirage “, underlines the judge in his order. “tax deductions “ promised “had only a limited scope “ a “the rent at the market price alone did not make it possible to generate enough cash for full self-financing ‘ alleged in connection with overvalued assets.

In addition, the multiplication of investments took place without taking into account the actual indebtedness of investors.

A total of almost a billion euros

Finally, between 2002 and 2010, the Aix-based company sold 5,305 properties for almost 950 million euros. The 15% commission (from the sale price) received by the Badaches enabled them to travel (using private jets, Ferrari, etc.) and accumulate an impressive heritage: around forty flats in the LMP, a house in Bouches-du-Rhône worth 1.5 million, or a cottage worth six million euros in Switzerland. Part of this property was confiscated.

* The company’s lawyer, Me René Spadola, sales representatives – Rémy Suchan, François Mélis, Jean-Luc Puig and Amélie d’Almeida – three Apollonia administrative staff responsible for relations with the banks are also sent to court. : Lynda Quintart, Fabienne Florentino and Holda Dahir and also two notaries – Jean-Pierre Brines and Philippe Jourdeneaud.



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