Ten charged with fraud, money laundering in Folli Follie probe

Ten charged with fraud, money laundering in Folli Follie probe

A financial prosecutor on Friday charged 10 people with fraud and money laundering as part of the investigation into troubled Greek jewelry maker Folli Follie Group, including members of the Koutsolioutsos family, founders of the brand.

Financial prosecutor Ioannis Dragatsis is targeting company founder Dimitris Koutsolioutsos, his spouse Katerina, their son Giorgos, who is also the CEO and board member of Folli, three other members of the board, the chief financial officer, the head accountant, the accountant who signed the company's balance sheet and the Group's head in Asia.

The 10 suspects are banned from leaving the country. Dragatsis had previously frozen the suspects' bank accounts, safe deposit boxes, and any other financial assets they may hold.

The luxury brand was plunged into turmoil in May after a hedge fund, Quintessential Capital Management, expressed concern last May over the company's financial statements for last year and that it overstated the number of its outlets.

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