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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