In Amiens, a real estate scandal of national proportions is before the courts

Three founders and a former manager of this company, which specialized in selling tax-exempt real estate, are to be tried until Friday, or possibly until next Monday.

Three are accused of fraud and receiving funds in advance, the fourth of receiving funds in advance and receiving stolen goods.

All four, who had come in suits, stood very straight as the facts were presented. Then their lawyers tried, in vain, to have certain documents and procedural elements declared null and void.

The defense lawyers also lamented the slowness of the investigation into this case, with the first complaints dating back more than 15 years.

José Delfont, who represents more than a hundred civil parties, also stressed that this duration was "heavily experienced" by his clients, but defended the "quite natural lengths" given the "obvious complexity" of the case and the number of alleged victims.

Damages of 15 million euros

Police officers, teachers, caregivers... More than 300 people have joined the civil suit, for a total estimated loss of around 15 million euros, according to the president of the court.

"We are waiting to be recognized as victims, for the fraudulent practices to be condemned, for our financial and moral damage to be recognized, and for us to be compensated to the extent of our suffering," Pascale Prévot, a 65-year-old retiree, told AFP ahead of the trial.

Founded in 2003 in Amiens and liquidated in 2012, Finaxiome built more than 80 residences throughout France.

Thousands of lots were sold to individual investors taking advantage of tax relief measures that were in effect at the time.

The investments were presented as secure, as subsequent rents combined with tax advantages were supposed to self-finance them.

But as early as 2006, Finaxiome allegedly began to have financial difficulties, "eternally" postponing the delivery dates of the batches, while continuing an "extremely high standard of living", denounced Me Anne-Valérie Benoit, who defends nearly a hundred civil parties, before the trial.

The company allegedly used funds raised from new buyers to cover its own needs, instead of using them to finance construction projects, a system known as financial "Ponzi scheme".

"Little Apollonia"

"This case is a mini-Apollonia," says Anna Lancien, lawyer for nearly 150 other plaintiffs, referring to the Aix-en-Provence real estate company that defrauded 750 people of over €1,2 billion. The couple behind the scandal were sentenced to seven years in prison in January.

In the Finaxiome case, many homes were only delivered thanks to guarantees activated after the company's liquidation.

Ludovic Caplier, 43, a gendarme in Pas-de-Calais and father of two, was approached in early 2009 by Finaxiome for a "turnkey" project, he told AFP.

He decided to invest 127.000 euros in an apartment. Scheduled for delivery in 2010, the residence in which his unit was to be installed was not completed until 2016.

Selling the apartment would have been a financial disaster: in 2023, the property was valued at only between 34.000 and 37.000 euros.

Today, he says he is repaying nearly 800 euros per month for only 300 euros of rent received, in addition to condominium fees, for a loan running until 2038.

Patrick Maisonneuve, who represents the former works director of Finaxiome, agrees that there may have been "shortcomings", but rejects any "intention to defraud".

Lawyers Benoît Martinez and Arthur Teisseire, representing one of the company's founders, also assert that their client "is not a fraudster".

For Mr. Martinez, it is "exogenous factors" - the global financial crisis of 2008 and "the repeal of a tax exemption law on which the company's economic model was based" - that explain its setbacks.

All the defense lawyers intend to plead for acquittal.