NEWS

Three more arrests made over astronomical debts of brokerage firm

Three siblings, all former executives of the brokerage firm Acropolis Securities, were arrested on Monday over debts to the state by the company in excess of 6.38 billion euros.

Police in Athens on Tuesday arrested the three Priniotakis siblings: Theodoros, aged 40 and the firm’s former vice president, and Christina and Katerina, aged 37 and 30 respectively, and both of whom are former board members.

Their arrests come after that of a 68-year-old ex-board member on Thursday.

Acropolis Securities failed to pay a 5.5-billion-euro fine imposed on the firm more than a year ago in connection to the use of bogus invoices.

Because of the size of the penalty, the firm was unable to pay the fine, which now, with interest, has reached the astronomical sum 6.38 billion euros, or 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.