Pyrrhic Victory - Prosecutor Finds 36 Guilty For The Stock Exchange Crash In 1999

An Athens Appellate Court Prosecutor has found 36 people guilty for the infamous “Athens Stock Exchange Crash of 1999” that caused thousands of small investors to have lost their life savings.

As reports, it has taken 18 years for an Athens Appellate Court Prosecutor, Athina Theodoropoulou, to find guilty 36 individuals implicated in the affair – including stockbrokers, investors, and shipowners.

The accused had been previously tried on fraud charges and money laundering, but at the time the three-member appellate court of Athens, with different members on the bench, had unanimously declared all of the accused innocent on all counts.

The case was re-opened by the Areios Pagos, Greece’s Supreme Court, as the judges believed that the acquittal lacked sufficient legal justification.

They ordered that the case be retried from scratch.

According to prosecutor Theodoropoulou, the first court erroneously concluded that there were no damages incurred by those charged.

She said that the aim of the accused was to create an artificial image of the market, by cultivating a climate of investor prosperity and long-term stability.

“Afterwards, the system collapsed because the bloated stock prices were artificial,” she said.


“With your machinations, you undermined the law of the free market by pushing up stock prices to levels that they normally never would have reached,” she said, asserting that clear deception was involved.


“The price on the stock market board was not the ‘just’ value, as the accused falsely created it by injecting their stock packages into the market,” the prosecutor stated.

Crash scandal

In September, 1999, after a dizzying seven-year climb to nearly 6500 points, the Greek stock market suddenly experienced a sudden decline that ended only four years later, after huge numbers of small investors had lost their life savings on the bourse.

Within three years, by September 2002, the Greek stock market’s capitalization had lost 136 billlion euros in value.

Countless families were entirely destroyed financially.

The then Pasok government of Costas Simitis, with finance minister Yannos Papantoniou, had consistently and openly urged Greeks to invest, even going as far as to predict that the market would to soar.

The stock value of many bogus companies soared, with the owners pocketing the gains and investing nothing in the company.

Many critics viewed the crash as the greatest financial scandal in Greek history.

Judicial investigation into the ASE crash, the so-called “stock market bubble”, began in 1999 and ended in 2009 with charges against 67 defendants. In a court of appeals, the defendants’ number was decreased to 42, who were tried and acquitted in 2013. Six of them are no longer alive.

The proceedings before the Three-Member Cassation Court of Appeal are continuing with speeches by the defendants’ lawyers.


shutterbug Mon, 11/27/2017 - 05:56 Permalink

SO ... That means that all former and current USA administrations are guilty for exactly the same thing... Their Plunge Protection Team does way more to manipulate all stocks ... Prosecute and jail them, NOW./will never happen because government is above the law, despite all of them saying it's not.

overmedicatedu… Mon, 11/27/2017 - 06:23 Permalink

it's not crime it's just normal business as usual in the elite owned world, where you and I are not members of the big club. 2008 , that was  world record theft..put martha stewart in jail for what congress does every day, cause they are exempt from security law..sweeeet

Ink Pusher Mon, 11/27/2017 - 06:59 Permalink

I am waiting for the diagnosis that confirms I am terminal. You know what they say about don't kill the messenger...Fuck it. no one gets out alive.

BidnessMan Mon, 11/27/2017 - 07:17 Permalink

1999?  Are any of the perpetrators still alive 18 years later?  What difference does it make?  Lawyers and judges ginning up legal fees since things are kind of slow in the Greece legal biz these days.Still waiting for the Dutch to sort out that Tulip Bulb thing, and the French to throw the book at John Law and the Mississippi company

Easyp Mon, 11/27/2017 - 07:54 Permalink

I like the chinese solution to this kind of scandal, drag the perps out in front of the business or exchange then shoot them as a lesson to the others.

amanfromMars Easyp Mon, 11/27/2017 - 08:37 Permalink

I like the chinese solution to this kind of scandal, drag the perps out in front of the business or exchange then shoot them as a lesson to the others. .... Easyp

Provide a current list of worthy names for the specific attention to the likes of an IS/Daesh, and who is to say that the smarter terrorist is not to be lauded and feted as poacher turned gamekeeper and hero.Effective indeed it may be, but one has to admit it is a tad drastic and revolutionary. It does though provide something of a "balance" given the fact that the architects and financiers of wars always appear to give themselves a free pass to avoid all responsibility and accountablity and dodge having to pay the price and costs of their failures.  

In reply to by Easyp

coast1 Mon, 11/27/2017 - 08:12 Permalink

911 was almost 20 years ago, and nothing.....altho, 15 years ago my research led me to mossad, cia, saudi arabia possibly m16..Congress said saudi arabia was guilty, last week israel admitted being in bed with saudi arabia. So, comon sense says saudi and mossad so far...2 down, 1 or two to go.  But that is reality, which will never be brought to light.  By the way, if congress declared saudi to be part of 911, then why is trump selling them 80 billion in weapons..And what about yemen?  ah never mind, just the ramblings of a fool here.

Blurb Mon, 11/27/2017 - 09:07 Permalink

Eventually I'll be found guilty too and sentenced to death -- I know it's against natural law to borrow a human body for longer than you're supposed to have it.