Finance Credit
Encyclopedia
Finance Credit was a Norwegian company that went bankrupt in 2002, after facing criminal investigation for siphoning funds (in total 1,4 billion NOK
) it borrowed from six Norwegian banks to offshore tax havens, in what became known as the Finance Credit scandal, arguably the biggest economic fraud in Norwegian history. The company was founded by Torgeir Stensrud
and Trond Kristoffersen
, who were in 2005 convicted on charges of fraud
to 7 and 9 years in prison, respectively. Stensrud and Kristoffersen were also both fined about 100 million €.
NOK
NOK or Nok may refer to:*Kiel Canal *Norwegian krone, NOK is the ISO 4217 code and is used as an abbreviation for the currency.*NYSE stock ticker for Nokia Corporation, based in Finland...
) it borrowed from six Norwegian banks to offshore tax havens, in what became known as the Finance Credit scandal, arguably the biggest economic fraud in Norwegian history. The company was founded by Torgeir Stensrud
Torgeir Stensrud
Torgeir Stensrud is a Norwegian former leader of Interallied Confederation of Reserve Officers, military officer and chairman of Finance Credit who was sentenced to 7 years in prison.-References:...
and Trond Kristoffersen
Trond Kristoffersen
Trond Kristoffersen is a former Norwegian businessman and convicted fraudster. Together with Torgeir Stensrud, he was the founder of the Finance Credit company, which later went bankrupt in what became known as the Finance Credit scandal. In 2003, he was convicted of fraud and sentenced to 9 years...
, who were in 2005 convicted on charges of fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
to 7 and 9 years in prison, respectively. Stensrud and Kristoffersen were also both fined about 100 million €.