Received 400,000 in corona crisis loan: Invested everything on the stock exchange the same day

New rules requiring reporting of short sales, Distrust of Trump Oslo Stock Exchange Oslo BørsOslo Børs (Stock Exchange). Photo: Stein Henningsen
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On the same day that a car care company was paid out a corona crisis loan, the owner invested the entire loan on the stock exchange. The police subsequently opened a case and charged the owner with gross fraud.

This is confirmed by Anders Meeg-Bentzen, a police lawyer for A-crime in Oslo, to E24. The person who is charged owns a car care company in Eastern Norway, and applied for an emergency loan from the state to cover an urgent need for cash in the company.

However, the money went instead to stock trading on the Oslo Stock Exchange. One of the reasons why the police prioritized the case is that there was so little time between the issue of the loan funds until the share purchases took place: It happened on the same day that the money was paid out.

“In this case, the police have seized the shares and money. It seems to me that this was a planned action. You see an opportunity and take advantage of what is a very favorable loan agreement,” says Meeg-Bentzen.

The police lawyer says that there are several cases under investigation for abuse of the crisis arrangements that were introduced when the coronavirus hit Norway.

© NTB Scanpix / #Norway Today

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