Investment Fraud in Insurance Branch by Former Executive

Investment Fraud in Insurance Branch by Former Executive

Former manager of well known and reliable insurance company was manipulating consumers by using falsified agreements to sale investment products.

Several local businessmen fell victims to his scam, in their effort to ensure high returns; up to 17%.

According to the lawsuits filed by both the victims and the company, the former manager at the branch in Rhodes, convinced Rhodian investrors with substantial financial standing, to redeem their mutual fund units and reinvest in virtual and non-existent securities funds, which he had invented.

The case protagonist seemed to be choosing those clients who had invested in legitimate securities with anticipated yields and making them invest in his own imaginary security funds. In fact, he presented the funds as if they were supposedly offered by the company.

The company has handed the case over to a law firm in Athens and already initiated judicial inquiry. Also, it works towards restoring its reputation and credibility.

Click here for the Greek article.

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