Stein Bagger, the fugitive chief executive of the now-defunct IT Factory, has been extradited to Denmark after he turned himself in to authorities in Los Angeles. The 41 year-old CEO faces charges of forgery and rampant fraud during his tenure as head of IT Factory, allegedly defrauding investors and banks of nearly 1 billion kroner through a leasing scam.
Bagger vanished while taking a holiday in Dubai in November. It turns out he flew to New York City then drove all the way across the United States before finally turning himself in at a police station in Los Angeles on 6 December. Interpol had been looking for him, and Bagger knew it, according to the Danish newspaper JP.
Upon landing in Copenhagen, Bagger was escorted from the aircraft by dozens of Danish police officers who were waiting on the tarmac. After meeting with his lawyer, Bagger pleaded guilty to the two charges of forgery and fraud. He will now stand trial in a closed-door proceeding that will exclude the press.
If convicted, Bagger could get eight years in prison. As he’s considered a flight risk, he will remain in the care of the police until his trial date. The trial looks set to be a lengthy affair, as Bagger’s fraud is one of the biggest in Denmark’s history.
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