The entrepreneur, a former major shareholder of the Aspis Insurance Group, Pavlos Psomiadis, died in Korydallos Prison in Athens on Monday morning. He was 78 years old. Ηe died of a heart attack. media report.
He was convicted to a 22-year prison sentence, was in custody since December 2010.
His family claims that he was sick with high fever and that he was denied access to a public hospital.
So far there has been no official statement by the Justice Ministry on Psomiadis death.
Pavlos Psomiadis was convicted for having deceived 37,000 people who had paid a total of 248,3 million euros in insurance policies.
In addition, an Athens court convicted Pavlos Psomiadis in April 2012 to an 8-year imprisonment on charges of forging documents to keep his business afloat.
“He was found guilty of fraud and forgery,” a court official said. The conviction stemmed from a forged letter of credit for over 550 million euros ($729 million) that Psomiadis submitted to regulators in 2009.
Aspis was one of the first business groups to fall prey to the country’s economic crisis. T-bank (AMBr.AT), a small lender that emerged from the wreckage of the group, was nationalized late last year under the terms of the country’s EU/IMF bailout.