In 2003, he was convicted of fraud and sentenced to 9 years in prison. He was also fined 1,2 billion NOK (ca €100 million), and subsequently went personally bankrupt. He was also barred from engaging in any independent form of trade, as well as from holding senior or board positions in any companies, for life.
He was incarcerated in Ullersmo prison from 2007, after the Supreme Court rejected his appeal, and was serving the rest of his 9-year prison sentence.
After six years in jail he was released after lodging an appeal. He died in August 2013.