Athenian Court Charges Bond Inflation Criminals
The Athenian judicial system deemed thirteen people guilty, for a 2007 structured bonds crime.
The Greek defendants were charged with numerous violations including breach of faith, fraud, constructing a criminal entity, tax evasion and monetary laundering.
Former Ministry of Labor Special Secretary Evgenios Papadopoulos was exonerated in the ruling. Confirmed sentences of the thirteen involved will be declared today or tomorrow.
The crimes concerned a 280 million euro governmental bond, secured by JP Morgan in February 2007. The involved bonds infiltrated through a couple of brokers, before their final sale to state led insurance funds at magnified values. Later, a transaction was administered and resulted in JP Morgan repurchasing the bonds.
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