Turkey's fund crisis deepened after Emre Tezmen, founder of brokerage Tera Yatırım, and four other people were jailed pending trial amid an investigation into missed investor payments and alleged Ponzi-like practices. The Capital Markets Board ordered the liquidation of 131 funds run by seven firms, with 455,758 investors holding stakes, and extended the asset-sale period from three to six months to avoid forced selling in thinly traded shares. Finance Minister Mehmet Şimşek valued the affected funds at $18.3 billion and said the problems represented 10% of the sector, which authorities had placed under quarantine. Investors will receive proceeds as assets are sold, but the eventual recovery value remains uncertain. The Borsa Istanbul All Shares index has fallen 12% since the start of last week, while about 50 shares have declined 40% or more.