Czech police file fraud charges against hockey sponsor

The man behind the firm, WSM, which is the main sponsor of the Czech Republic’s second biggest hockey league has been charged by police with fraud. The move was reported by public broadcaster Czech Radio.

It said that Jiří Kubíček is charged with causing damages totalling around a billion crowns to investors in the Czech Republic, Slovakia, Poland, Hungary, and Russia who had placed money with his forex company.

It allegedly offered high returns for computerised trades but the operation was in fact a pyramid scheme.