Bankrupt Baltic Baker Charged With Million-Dollar Fraud in U.S.

The owner of a bankrupt Estonian bakery is arrested by the FBI and charged with a eight-million-dollar fraud, local media reports. If found guilty, the bankrupt Baltic baker could be sentenced to prison for up to 30 years.

The 52-year-old Finnish businessman was arrested in Chicago last autumn, together with his three associates, Estonian daily Eesti Ekspress reported Thursday.

Mr. Tapani Koivunen was the main owner of an Estonian bakery that declared insolvency in 2008.

According to the Estonian news paper, he has now been charged with giving false information to US Overseas Private Investment Corporation (OPIC), which granted the bakery project an eight-million-dollar loan for developing a bakery industry in Estonia.

US indictment also  included money laundering charges. According to the charges, Golden Sierra, the company linked to Mr. Koivunen and his associates acquired the Valga bakery from Eesti Pagar in 2004.

If found guilty, the bankrupt Baltic baker could be sentenced to prison for up to 30 years.

Source: balticbusinessnews.com


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0 thoughts on “Bankrupt Baltic Baker Charged With Million-Dollar Fraud in U.S.

  1. Pingback: Estonia Put Pressure On Journalists « Econotwist's Blog

  2. Pingback: Estonia Put Pressure On Journalists « Econotwist's Blog

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