Stein Bagger - CEO of IT Factory runs away with 200 million dollars from Denmark

[italkcash]

The now almost notorious CEO of the now bankrupt IT Factory, a company in Denmark has fled the country.

The danish press has reported about Stein Bagger for the past 4 days in a row now, on what is called the biggest heist of in all the history of Denmark. Stein Bagger, the now most famous individual has fled the country of Denmark on a business trip in Dubai.

The danish financial police has discovered anything from a hidden office, to high worth scams that involves more than 200 million dollars. Stein Bagger
Bagger is now being sought by Interpol on suspicion of fraud and Danish police are also investigating a brutal attack on a reported business partner of Bagger's days before his disappearance.

IT Factory had reportedly done extremely well over the past three years, doubling its revenue and profits for each of those years. According to the website of Danish paper Politiken, IT Factory, a Danish IBM reseller, sold assets "and consolidated in 2001 following tough times after Septermber 11.
"Stein Bagger was appointed CEO and quickly built a profitable business, that only a few days ago boasted a projected surplus of 420 million kroners for 2008," the paper said.



This is the single biggest financial crime in the history of Denmark, what can we say, well done Stein, you are probably one of the most notorious people of all time.

[italkcash]

After a week of speculation and investigation into the whereabouts of on-the-run IT Factory chief executive Stein Bagger, the businessman turned himself in to a Los Angeles, California, police station on Saturday.
Bagger, who is suspected of defrauding his company for over half a billion kroner, told the officer on duty he was a fugitive from Europe. Officers reportedly thought Bagger was joking initially, until they realised he was wearing an Armani suit and Rolex watch.


Once his identity was verified by US authorities, Bagger was placed in protective custody. He is expected to be delivered to Danish authorities within two weeks.


Although on the run since the end of November, Bagger asserted to the Los Angeles police he is innocent of any wrong-doing and had been set up to be the fall guy for IT Factory's bankruptcy.


The company declared bankruptcy just two days after Bagger's wife reported him missing from their holiday in Dubai.


Bagger reportedly took a flight from Abu Dhabi to New York City on 28 November, where he rented a car and drove across the US to Los Angeles. It is not yet known why he chose to drive more than 4,500 kilometres to the west coast US city to turn himself in.



Danish authorities are not yet ruling anything or anyone out in the fraud case. Bagger's wife has also faced questioning in the case and some sources have suggested IT Factory's chairman, Asger Jensby, may be complicit in the fraud. (rc)