They had been convicted in a lower court of swindling investors out of Dh300m to Dh400m.
Three cleared in Ponzi scheme case
ABU DHABI // Three defendants convicted in a major Ponzi scheme involving 1,200 alleged victims and hundreds of millions of dirhams were today cleared of fraud but given a one-year suspended sentence for running a business without a license.
The defendants, prosecutors said, defrauded people after promising them high returns for their invested money. Old investors would be given "profits" from new investors.
Two Emiratis, SA and KhA, and a Sudanese man, AH, were sentenced in February by Abu Dhabi Court of Misdemeanors to three years in prison for fraud and fined Dh100,000 and one year and Dh50,000 for running a business without a license.
KhA was additionally sentenced to two years and a Dh50,000 fine for forgery.
Victims of the fraud were ordered to file a civil lawsuit to claim their investments.
The Abu Dhabi Court of Appeals overturned the sentence.