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Specifically, the court documents indicate that the younger Kallakis accuses the bank of \u201cunlawfully\u201d seizing the assets, including real estate, Bentleys, and more. It then sold them for around $378.24 million under their market value.<\/p>\n<\/div>\n
The belief that the lender had an obligation to sell to the highest bidder is a fallacy, and even Kallakis\u2019 defense team seems to be uncertain about the seriousness of the suit. Although it was apparently trying to make a real point, it conjured comic visions to support its case.<\/p>\n
In a statement included in the filing, the lawyers asserted that the elder Kallakis is \u201cparticularly vulnerable to being deceived.\u201d His expertise as a \u201cprofessional fraudster\u201d makes him an easy target.<\/p>\n
The legal team used as their example the movie Dirty Rotten Scoundrels<\/em>, starring Michael Caine and Steve Martin. In it, the pair of fraudsters ultimately fall for a fraud themselves. But the slapstick comedy highlights the absurdity of their lifestyle.<\/strong><\/p>\nAs would be expected, AIB\u2019s lawyers call the allegations \u201cabsurd\u201d and \u201cbaseless.\u201d They assert that Achilleas and his son are conspiring to squeeze more money out of the bank.<\/p>\n
\u201cIt is beyond understanding\u201d that the bank should have to defend itself, they said in their response to the lawsuit. \u201cThe idea that the victim of the fraud could somehow find itself in the dock \u2014 criticized by the fraudster for [the] manner in which it sought to mitigate the losses to which it was exposed by reason of fraud is beyond fiction.\u201d<\/p>\n
Nice Run While it Lasted<\/h2>\n Achilleas Kallakis was sentenced to 11 years in jail in 2013 for defrauding the bank. He and a partner, Alexander M. Williams, used the money to buy real estate, a yacht they kept in Monaco, luxury cars, and artwork. They also routinely traveled by helicopters and private jets.<\/p>\n
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That sentencing came four years after Kallakis’ arrest, and 10 years after his crime spree began. In March 2009, the UK\u2019s Serious Fraud Office (SFO) raided Kallakis’ offices on suspicion of fraud. They confirmed those suspicions when they found real estate contracts that had been altered to impress the banks.<\/p>\n<\/div>\n
The fraud found that companies linked to Kallakis presented lease contracts with rents that were higher than the actual amounts and for longer periods than the actual terms. At the time, Kallakis was reportedly the 11th-richest man in Greece, but was living in London, since most of his real estate was in the UK. He also had property in Singapore and Malaysia.<\/p>\n
Earlier this year, the father-and-son duo were still making headlines in relation to the case. In 2005, Kallakis donated money to an independent school an unidentified family member attended. The \u00a3250,000 (US$316,450) he gave became the school\u2019s \u201cKallakis Theatre.\u201d<\/p>\n
After the fraud case broke, the school removed all traces of the Kallakis family. This didn\u2019t sit well with Michalis, who sued for breach of contract in 2020. He and the school settled out of court the following year, with Michalis receiving around \u00a392,500 (US$117,086), but no rights to the theater name.<\/p>\n
When the SFO learned of the arrangement, it went after the Kallakis duo once more. It filed an injunction in court this past February, and a judge ordered the money returned to the school a month later.<\/p>\n","protected":false},"excerpt":{"rendered":"
The son of a Greek real estate investor and poker player is suing a financial institution for fraud, the same crime for which his father is now serving time in prison. It\u2019s a story that began over 10 years ago, but which doesn\u2019t seem to want to disappear. 54-year-old Achilleas Kallakis was a regular fixture […]<\/p>\n","protected":false},"author":64,"featured_media":277345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21],"tags":[81919,82614,81952],"acf":[],"yoast_head":"\n
Son of Greek Poker Player Jailed for Fraud Sues Irish Lender for Fraud - Casino.org<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n