NEWS

Man arrested in connection with Acropolis Securities fine of 5.5 bln euros

A 68-year-old man was arrested on Thursday after an Athens-based stock brokerage failed to pay a 5.5-billion-euro fine imposed on the firm more than a year ago.

Acropolis Securities was fined in connection to the use of bogus invoices but due to the size of the penalty has been unable to pay the state.

In fact, interest has been added to the fine, taking it to the astronomical sum 6.3 billion euros, which is roughly 3 percent of Greece’s gross domestic product.

The brokerage was also at the center of the 2007 structured bond scandal involving four pension funds.