The beginning of what promises to be a fascinating story (and possibly a Hollywood movie) around the rise and fall of Denmark’s IT Factory is starting to emerge. In late November celebrated CEO Stein Bagger went missing in Dubai – it later turned out he abandoned his wife and child and fled to New York as his company fell apart.
He then borrowed a friend’s car and credit card and took embarked on quite a road trip to California, where he promptly turned himself in to local police.
Danish media tracked him down for an interview (translated version is here). Among the first questions they asked: Why did you perpetuate a four year fraud that involved $170 million or so in fraudulent revenues (90% of IT Factory’s revenues may have been nothing but lies)?
I have been threatened on my own and my family’s life, and I have been threatened with firearms between 25 and 30 times. He would not say who threatened him, but told that they would have money from him.
Everyone’s always sorry after they get caught.