folli-follie-founder-and-family-to-face-criminal-charges,-panel-of-judges-decides
Business

Folli-Follie founder and family to face criminal charges, panel of judges decides

Thirteen individuals will stand trial on criminal charges in relation to the Folli-Follie case, following a decision by the Council of Athens Misdemeanors judges.

Included are Dimitris Koutsolioutsos, his wife Keti and their son Tzortzis. The accused are facing charges of setting up a criminal organization and joint and repeated forgery, joint and repeated fraud against private and public entities, joint and repeated market manipulation, and money laundering.

In addition, Dimitris Koutsolioutsos, founder of Folli-Follie, will also be tried on criminal charges of repeated insider trading.

Another 16 individuals were released of charges, while another 2 people facing criminal charges have died.

The damage incurred by the defendants’ actions is estimated at slightly over 413 million euros, although this is indicative.

According to the judges, the father and son started faking bank documents in 2006 that showed their company was doing well.

They were also claiming huge turnovers in China, with what proved to be inexistent companies. They also provided fake documentation purporting to be from these companies, and wanted the data to be incorporated in balance sheets of another subsidiary group that operated in Greece, Europe and North America. These actions defrauded the investors and stock exchanges, as the two manipulated the markets.

Among other decisions, the judges decided to extend the detention of father and son for another six months.

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