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An investigation against the Greek Madoff

14 March 2010 / 17:03:50  GRReporter
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An exceptional forger, an experienced manipulator, capable to convince important clients, whom he knew from his job in a big stock company in the 90s, an interesting author of articles in the internet regarding the world economic crisis and representative of an investment company with offices in the center of Athens. This is how the Greek police describe the Greek version of Bernard Madoff, who was accused by his victims in forgery, theft, fraud and money laundry. As the Katimerini newspaper announces 8 victims have already pressed charges against him for the amount of 8 million euro. The police has started to investigate the famous economist since November when the first ones to notice informed the authorities for their doubts in the person to whom they have trusted with their capitals against promises for big interests in foreign banks.

The story begins in 2003 when the fraud appears in Athens as a representative of a big investment company situated in Florida, USA. He gets in touch with his former clients and promises them great profits. In this period the Greek market of bonds is moving between the decay and the stagnation. By using the dead lock of the investors only in 2 years time, by 2005 he manages to collect 6 million euro! The trap in which the clients and future victims of his fell were promises for much bigger interest rates than the provided amounts would bring if they were put in bank accounts. By 2006 the inventive person is an official representative of the investment fund in Greece and later he presents himself as the associate of a very famous Swiss bank. His behavior towards the clients was perfect, they admit.

His reputation of a famous and very respected economic expert is also fed by his frequent appearances in the Athens media. By assuring that he will personally take care of their investments in the investment fund he managed to take significant amounts from the victims who didn’t suspect anything and to whom he showed false printouts regarding the status of their accounts in the Swiss banks. Later on it turns out that such accounts were never opened.

Ironically the fraud is discovered by those clients of his who are worried by the statements of the government that the owners of bank accounts would have to declare the sources of their incomes. They turn to a Swiss lawyer’s office to ask if they have to declare these accounts in Athens or if they can keep it secret. The Swiss lawyers try to find the accounts, which turn out to be non existing. The lawyers Ilias Bisias and Teodoros Asprogerakas who represent the people hurt by the fraud prove the false documents for bank accounts. In the next few weeks it is expected that the Swiss legal authorities will take actions against the fraud.

Tags: financial frauds in Greece Bernard Madoff crime news
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