BusinessBusiness RecoveryE&Y award winner wanted for fraud turns himself in

E&Y award winner wanted for fraud turns himself in

An E&Y Entrepreneur of the Year wanted by Interpol on alleged fraud and conspiracy charges turns himself in

Stein Bagger, chief executive officer of Danish software and services company
IT Factory, who has been
wanted by Interpol for alleged fraud and conspiracy charges, turned himself in
on Saturday at a Los Angeles police station.

IT Factory declared bankruptcy last week after finding that much of its
reported revenue was inflated as a result of bogus contracts allegedly drawn up
by Bagger, who became an Ernst & Young (E&Y) Entrepreneur of the Year.
He had last been seen in November on a trip to Dubai, in the United Arab
Emirates, the International Herald Tribune reports.

Police were initially skeptical but a computer check revealed Bagger was
indeed sought by Interpol on charges of counterfeiting, forgery and fraud, the
LA Police Department said, who turned him over to federal authorities.

Asger Jensby, IT Factory chairman, said earlier this month Bagger had
disappeared during the Dubai trip, stating the company had reported his
disappearance to Interpol.

Further reading:

Read
the International Herald Tribune story

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