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13/06/09
Our very own Bernie Madoff
Denmark's has got its own mini Bernie Madoff affair.
Stein Bagger, the former CEO of a company called IT Factory - which did not manufacture anything in real terms but was a leasing merry-go-round - was sentenced to seven years in prison for fraud and embezzlement.
The court case which took place in Lyngby just north of Copenhagen attracted vast local media attention, of course.
After all, the fraud amounted to just under one billion Danish kroner - ca. 188 million US dollars or 134 mio. euros - which is a lot in this country.
In short, Mr. Bagger invented leasing contracts, forged his own chairman's signature and led some of the nation's most highly esteemed bankers, auditers and analysts around by their noses for several years.
But bubbles do, as bubbles are bound to do - they go puff at some point. And in the end, the blogosphere - mainly the blog run by IT journalist Dorte Toft - quite simply exposed the lack of substance in IT Factory.
I have met Dorte Toft on a couple of occasions when covering IT issues, and she is formidable. I am not surprised that she has tenaciously created the contacts and networks that ended up demasking Mr. Bagger. She then wrote a book about the case, and the book is now going to become a film.
Orange County Bankruptcy Lawyer , San Antonio Lawyers
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S.E.C. Report Details Lapses i
