George Koskotas
Encyclopedia
George Koskotas is a former banker and publisher who spearheaded a financial scandal that brought down the PASOK
government in 1989.
Koskotas was born in Greece
on October 5, 1954. He migrated to the United States
with his parents in 1970. Koskotas grew up in the United States, returned to Greece in 1979, and joined the Bank of Crete
as an administrative officer. He bought the Bank of Crete in 1984 and then built a banking and publishing empire that controlled three daily newspapers, a radio station and the soccer team Olympiakos of Piraeus
.
In the months that followed, Koskotas, who had by then fled to the United States, claimed that the late prime minister and PASOK party founder Andreas Papandreou
ordered state companies to deposit funds with the bank, and took bribes from stolen money. The allegations resulted in the resignations of several ministers and demands for a vote of no confidence in the government. Mr. Papandreou, who died in 1996, was cleared of all charges by the Supreme Court in 1992 (with a 7 to 6 vote) and was re-elected as prime minister in 1993.
Koskotas was jailed in Massachusetts
and charged with embezzling more than $200 million from the Bank of Crete, pending extradition to Greece. He was paroled and released from prison on March 16, 2001. He had served 12 years of a 25-year sentence for embezzlement, forgery and obstruction of justice felonies. Barred from leaving the country, Koskotas had also been ordered to report to an Athens
police precinct twice a month.
Panhellenic Socialist Movement
The Panhellenic Socialist Movement , known mostly by its acronym PASOK , is one of the two major political parties in Greece. Founded on 3 September 1974 by Andreas Papandreou, in 1981 PASOK became Greece's first social democratic party to win a majority in parliament.The party is a socialist party...
government in 1989.
Koskotas was born in Greece
Greece
Greece , officially the Hellenic Republic , and historically Hellas or the Republic of Greece in English, is a country in southeastern Europe....
on October 5, 1954. He migrated to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
with his parents in 1970. Koskotas grew up in the United States, returned to Greece in 1979, and joined the Bank of Crete
Bank of Crete
Following the departure of the Ottoman forces in December 1898, the Cretan government under Eleftherios Venizelos established the Bank of Crete with the assistance of the National Bank of Greece. The bank received the exclusive privilege, for thirty years, of issuing banknotes in the island of...
as an administrative officer. He bought the Bank of Crete in 1984 and then built a banking and publishing empire that controlled three daily newspapers, a radio station and the soccer team Olympiakos of Piraeus
Piraeus
Piraeus is a city in the region of Attica, Greece. Piraeus is located within the Athens Urban Area, 12 km southwest from its city center , and lies along the east coast of the Saronic Gulf....
.
In the months that followed, Koskotas, who had by then fled to the United States, claimed that the late prime minister and PASOK party founder Andreas Papandreou
Andreas Papandreou
Andreas G. Papandreou ; 5 February 1919 – 23 June 1996) was a Greek economist, a socialist politician and a dominant figure in Greek politics. The son of Georgios Papandreou, Andreas was a Harvard-trained academic...
ordered state companies to deposit funds with the bank, and took bribes from stolen money. The allegations resulted in the resignations of several ministers and demands for a vote of no confidence in the government. Mr. Papandreou, who died in 1996, was cleared of all charges by the Supreme Court in 1992 (with a 7 to 6 vote) and was re-elected as prime minister in 1993.
Koskotas was jailed in Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
and charged with embezzling more than $200 million from the Bank of Crete, pending extradition to Greece. He was paroled and released from prison on March 16, 2001. He had served 12 years of a 25-year sentence for embezzlement, forgery and obstruction of justice felonies. Barred from leaving the country, Koskotas had also been ordered to report to an Athens
Athens
Athens , is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, as its recorded history spans around 3,400 years. Classical Athens was a powerful city-state...
police precinct twice a month.