Background
Koskotas was born in Greece on October 5, 1954. Koskotas grew up in the United States, returned to Greece in 1979, and joined the Bank of Crete as an administrative officer
entrepreneur private sector banker
Koskotas was born in Greece on October 5, 1954. 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 Olympiacos F.C.
The allegations resulted in the resignations of several ministers and demands for a vote of no confidence in the government. Papandreou was cleared of all charges by the Supreme Court in 1992 (with a 7 to 6 vote) and staged a remarkable political comeback, as he was triumphally 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.