Thirteen found guilty for 2007 structured bonds scandal

An Athens court has found 13 people guilty in connection with the 2007 structured bonds scandal.

The defendants were found guilty of a series of offenses including fraud, breach of faith, setting up a criminal organization, money laundering and tax evasion.

Former special secretary at the Ministry of Labor, Evgenios Papadopoulos, was acquitted of charges.

Sentences will be announced later Thursday or Friday.

The scandal involved a 280-million euros structured government bond issued in February 2007 that was underwritten by JP Morgan. The bonds passed through several brokers before ending up being sold to state-run insurance funds at inflated prices.

A deal was eventually struck with JP Morgan to buy back the bonds from the funds.