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Aspis Group Founder Psomiadis Charged with Fraud & Money Laundering

Well known local banking and insurance executive Pavlos Psomiadis was arrested late Tuesday evening.   He is the founder of the teetering Athens based Aspis group of companies.  His arrest follows a same day issuance of an arrest warrant on felony fraud and money laundering charges.
Τhe charges stem from an indictment involving the Aspis Capital subsidiary and a related lawsuit by 65 investors.  The defendants claim that Psomiadis and his associates essentially transferred assets and capital into privately held companies.
Α judicial magistrate ordered the arrest after citing a risk that the embattled Psomiadis may flee overseas. He is expected to face a first instance prosecutor on Wednesday.
(source: ana-mpa)

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