Son of Greek Poker Player Jailed for Fraud Sues Irish Lender for Fraud
The boy of a Hellenic existent demesne investor and poker participant is suing a financial institution for fraud, the same offence for which the father is at present serving time inward prison. It’s a story that began over 10 years ago, but which doesn’t seem to need to disappear.
54-year-old Achilleas Kallakis was a semi-regular fixture on the European poker electric circuit for years. He convinced people to scratch calling him “The Don” as he played, at long last earning around $320,000, according to Hendon Mob.
Away from the felt, Kallakis was playing a different sort of game. He convinced financial institutions to bring him around $1.2 one million million that he told them would expand his tangible demesne developing portfolio.
Instead, he used the money to finance a sumptuousness lifestyle, leading to a sentence on fraud charges inward 2013. One of the lenders seized his assets to make up turned his debt, but Michalis Kallakis, his son, doesn’t like how the lender managed the cut-rate sale and is taking it to court.
Defrauding the Fraudster
Allied Irish whisky Bank (AIB), which gave the senior Kallakis £740 meg (€935.8 million), is the defendant in the lawsuit, according to Bloomberg. 25-year-old Michalis accuses it of mishandling the assets it seized to find its losses next his father’s conviction.
Specifically, the court of law documents point that the jr. Kallakis accuses the accompany of “unlawfully” seizing the assets, including tangible estate, Bentleys and more. It then sold them for around $378.24 million under their market value.
The belief that the loaner had an obligation to sell to the highest bidder is a fallacy and fifty-fifty Kallakis’s defence force team up seems to be uncertain about the seriousness of the suit. Although it was apparently trying to puddle a tangible point, it conjured comic visions to support its case.
In a statement included in the filing, the lawyers asserted that the sr. Kallakis is “particularly vulnerable to existence deceived.” His expertise as a “professional fraudster” makes him an loose target.
The legal squad used as their object lesson the movie Dirty Rotten Scoundrels starring Michael Caine and Steve Martin. In it, the geminate of fraudsters ultimate come for a humbug themselves, but the slapstick comedy highlights the fatuousness of their lifestyle.
As would follow expected, AIB’s lawyers telephone the allegations “absurd” and “baseless.” They maintain that Achilleas and his boy are conspiring to squeeze to a greater extent money out of the company.
“It is beyond understanding” that the bank building should have to defend itself, they said in their response to the lawsuit. “The idea that the victim of the fraud could in some way find itself inward the sour grass — criticised past the fraudster for [the] mode inward which it sought-after(a) to mitigate the losses to which it was uncovered past conclude of dupery is beyond fiction.”
Nice Run While It Lasted
Achilleas was sentenced to 11 years inwards jailhouse for defrauding the bank inwards 2013. He and a partner, Alexander the Great M. Williams, used the money to buy tangible estate, a yacht they kept in Monaco, sumptuousness cars and artwork. They also routinely travelled by helicopters and common soldier jets.
That came quaternion years after his stay and 10 years after his offence spree began. In Mar 2009, the UK’s Serious Fraud Office (SFO) raided his offices on suspicion of fraud. They confirmed those suspicions when they found real estate contracts that had been altered to instill the banks.
The put-on found that companies linked to Kallakis presented hire contracts with rents that were higher than the factual amounts and yearner periods than the factual terms. At the time, Achilleas was reportedly the 11th richest piece inwards Greece, but was living in Jack London since most of his existent acres was in the UK. He also had belongings inward capital of Singapore and Malaysia.
Earlier this year, the father-and-son duo were stock-still making headlines inward telling to the case. In 2005, Achilleas had donated money to an main(a) schooltime an unidentified phratry fellow member attended. The £250,000 (US$316,450) he gave became the school’s “Kallakis Theatre.”
However, after the dupery pillow slip broke, the school day removed all traces of the Kallakis family. This didn’t sit comfortably with Michalis, who sued for breach of take inward 2020. He and the school day settled come out of court of law the next year, with Michalis receiving around £92,500 (US$117,086), but no more rights to the theatre name.
When the SFO learned of the arrangement, it went after the Kallakis duo at one time more. It filed an enjoinment in court of justice this yesteryear Feb and a adjudicate ordered the money returned to the schooltime a month later.
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