Tuesday August 6, 2:43 pm Eastern Time
Press Release
SOURCE: U.S. Attorney
Former Bank President Convicted Of Bank Fraud And Embezzlement, Reports U.S. Attorney
BOSTON, Aug. 6 /PRNewswire/ -- A Roslindale man was convicted late Friday, August 2, 2002 by a federal trial jury of bank fraud involving the National Bank of Greece and embezzlement involving the Mercantile Bank & Trust Company.
United States Attorney Michael J. Sullivan and Charles S. Prouty, Special Agent in Charge of the Federal Bureau of Investigation in New England, announced today that STELIOS ANTONAKOPOULOS, age 61, of 281 Beech Street, Roslindale, Massachusetts, was convicted by a jury sitting before U.S. District Judge Richard G. Stearns of one count of bank fraud and one count of embezzlement. The jury was deadlocked on an additional count of bank fraud.
Evidence presented during the nine day trial proved that ANTONAKOPOULOS was the manager of the Boston branch of the National Bank of Greece, now Atlantic Bank of New York, from 1983 to mid-1988, and the president of the Mercantile Bank & Trust Company from mid-1988 until he was terminated in January 1993. Beginning in late 1989, ANTONAKOPOULOS began constructing a series of bank loans at the National Bank of Greece and the Mercantile Bank under the names of other people, and used the funds to buy stocks of Greek companies on the Athens stock exchange. He also overdrafted accounts that were in other people's names at the National Bank of Greece to buy additional stocks. ANTONAKOPOULOS had anticipated that Athens would be named to host the 1996 Olympics, and that the shares of Greek companies would dramatically increase to provide him with large-scale profits. However, the company stocks failed to rise significantly in value and when Atlanta was chosen to host the 1996 Olympics the share prices in fact dropped, leaving ANTONAKOPOULOS unable to replace the banks' funds. Ultimately, ANTONAKOPOULOS embezzled $100,000 from the account of a customer at Mercantile Bank in an effort to make partial payments to cover up overdrafts and delinquent loans at the National Bank of Greece during an audit by examiners from the bank's Athens office.
Judge Stearns scheduled sentencing for October 29, 2002. ANTONAKOPOULOS faces up to 60 years' imprisonment, to be followed by 5 years of supervised release, and a $2 million fine.
The case was investigated by the Federal Bureau of Investigation, with the assistance of the National Bank of Greece and the Mercantile Bank & Trust Company. It is being prosecuted by Assistant U.S. Attorney Victor A. Wild in Sullivan's Economic Crimes Unit.
SOURCE: U.S. Attorney
biz.yahoo.com |
