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Austria arrests banker sought for 400 mln dollars fraud

By Staff
Google Oneindia News

VIENNA, July 9 (Reuters) Austria has arrested a banker sought by the US Federal Bureau of Investigation (FBI) since 2002 in relation to a 400 million dollars securities fraud, Austrian police said on Monday.

A spokesman for Austria's federal police identified the person as ''Michael B.'' and said he was a 35-year old Austrian national, but he declined to give his full name.

''He has caused 0 million in damages as an investment banker,'' federal police spokesman Gerald Hesztera said. ''He was in hiding and was sought for five years,'' he said.

The FBI lists 35-year old investment banker Michael W Berger, who it says pleaded guilty to charges of securities fraud in 2000, on its Wanted By The FBI web site for failure to appear in court in 2002.

Berger admitted in a U.S. court in Nov. 2000 that he had sent out misleading statements to investors in his Manhattan Investment Fund between 1996 and 2000 when the market turned against him. His fund went bust in Jan. 2000.

Berger had been free on bail pending his sentencing and then failed to show up at a court hearing on March 1, 2002.


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