More Of The Story That Keeps On Giving: Stein Bagger Hits The Front Page Of The Wall Street Journal's Tech Section
Tags: News
It looks like he's showing remorse, probably after he figured out how many years he'll be safely tucked away, out of reach of the tech world and business world. I know IBM is hurting to have to take ITF's sponsorship and $'s away from Lotusphere this year.
From the WSJ - "... Sent back to Denmark Tuesday, Mr. Bagger cried and pleaded guilty before a Danish court to charges of aggravated fraud and forgery, crimes that could land him in jail for eight years, according to his court-appointed lawyer, Jesper Madsen. ...
"Most of his business was fake," says Jens Madsen, head of an economic-crimes unit now investigating the spectacular rise and fall of Mr. Bagger. The entrepreneur also happens to be a former bodybuilder who, before becoming a Danish tech superstar, posed for a Swedish muscle magazine dressed as Superman. He's now suspected of pumping up IT Factory's profits -- which nearly tripled last year -- through phony deals.
The gist of the allegations is that Mr. Bagger used a web of phantom firms to get money from banks and then used these same companies to place big purchase orders for IT Factory software and services. He was buying from himself using other people's money.
Speaking to a Danish tabloid last week, Mr. Bagger said he felt guilty, sorry and "so happy that everything got revealed." Threats from unnamed extortionists, he added, had sent him astray. "I can understand that some people feel I let them down," he was quoted as saying. His lawyer doesn't dispute the interview. ..."
http://online.wsj.com/article/SB122945517473311217.htmlÂ
It looks like he's showing remorse, probably after he figured out how many years he'll be safely tucked away, out of reach of the tech world and business world. I know IBM is hurting to have to take ITF's sponsorship and $'s away from Lotusphere this year.
From the WSJ - "... Sent back to Denmark Tuesday, Mr. Bagger cried and pleaded guilty before a Danish court to charges of aggravated fraud and forgery, crimes that could land him in jail for eight years, according to his court-appointed lawyer, Jesper Madsen. ...
"Most of his business was fake," says Jens Madsen, head of an economic-crimes unit now investigating the spectacular rise and fall of Mr. Bagger. The entrepreneur also happens to be a former bodybuilder who, before becoming a Danish tech superstar, posed for a Swedish muscle magazine dressed as Superman. He's now suspected of pumping up IT Factory's profits -- which nearly tripled last year -- through phony deals.
The gist of the allegations is that Mr. Bagger used a web of phantom firms to get money from banks and then used these same companies to place big purchase orders for IT Factory software and services. He was buying from himself using other people's money.
Speaking to a Danish tabloid last week, Mr. Bagger said he felt guilty, sorry and "so happy that everything got revealed." Threats from unnamed extortionists, he added, had sent him astray. "I can understand that some people feel I let them down," he was quoted as saying. His lawyer doesn't dispute the interview. ..."
http://online.wsj.com/article/SB122945517473311217.htmlÂ