Luxury car dealer lost the appeal for fraud

Koenigsegg CCR, Luxury car dealerKoenigsegg CCR.Photo: REUTERS/Jason Lee (CHINA)

Luxury car dealer lost the appeal for fraud involving fake accounts

The Borgarting Court of Appeals maintains the verdict against luxury car dealer Geir Bråthen (51). Bråthen among other offenses, is found guilty of luring investors with fake account statements.

 

According to NRK, the verdict from Borgarting Court of Appeals is virtually the same as the original sentencing.

– three years in prison, NOK 1.2 million in compensation and NOK 20,000 in expenses, according to the Drammen District Court in January 2016

Luxury for the celebs

Bråthen is the owner of the Drammen company Auto-Forum, which specializes in selling luxury cars to celebrities.

 In 2012 the heir to Europris, Dag Høili, was tempted into investing in the company.

On paper it experienced enormous revenue growth after Braathen acquires it in the autumn of 2010.

Low price Europris, exclusive Koenigsegg

The car-interested Europris heir, bought several specially designed cars.

The cars are of the brand Koenigsegg, with a value of 6.5 million NOK a each.

Through the company Limited Supercars & Yachts, three of the cars were to be invested in Auto-Forum as a contribution in kind.

What Høie does not know is that the accounts he is presented are incorrect.

The presented annual profit of NOK 6 million was blown up by a factor of 12. This according to the Borgarting Court of Appeal’s verdict.

Quarantined from doing business

According to the Court of Appeal’s verdict, the economic situation in Auto-Forum was very difficult in the summer of 2012. On July 1st, 2013, the company is even bankrupted.

Geir Bråthen is therefore quarantined from doing business.

Illegal VAT refund

The court of appeals also finds that Geir Bråthen illegally received a refund of NOK 1.2 million in value added tax (VAT).

The last account is in connection with the purchase of a cabin cruiser for a total of NOK 6.1 million.

Read more about the Koenigsegg at Wikipedia.org

 

© NTB Scanpix / Norway Today

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