Founder of ex-Sauber, Lauda sponsor jailed

Oct.24 (GMM) Former Niki Lauda and Sauber sponsor Money Service Group's founder Michael Seidl has been sentenced to jail for nine years.

Niki Lauda
Niki Lauda

Photo by: xpb.cc

Last week, F1 legend Lauda testified against Seidl in a Liechtenstein court, after he lost EUR 500,000 in an investment, and was underpaid to the tune of EUR 800,000 after Money Service Group sponsored his famous cap in 2011.

Seidl was tried for commercial fraud, and according to the major Volksblatt daily he was sentenced unconditionally to nine years in jail.

A court spokesman confirmed the verdict to the Austrian APA news agency, adding that Seidl has lodged an appeal.

As did Lauda, the Swiss team Sauber terminated its sponsorship deal with Money Service Group mid last year.

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About this article
Series F1
Article type Breaking news
Tags f1, gmm, lauda, money service, sauber, seidl

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