The case has been the subject of investigations and court proceedings for several years and involved the issue of 280 million euros worth of structural bonds in February of 2007 which was underwritten by JP Morgan. According to the ruling the bonds were then passed through several brokers before being sold to four state run insurance funds at inflated prices.
In August of 2007 JP Morgan repurchased the bonds from the insurance funds.
Among those convicted were high ranking officials of the insurance funds and executives of the firms Akropolis, NAM and Hyppovereinsbank, as well as two JPMorgan executives.
Harsh sentences were passed for the thirteen who face prison sentences of 5 to 25 years. Giorgos Apostolidis and Theodoros Priniotakis of the Akropolis investment firm also face heavy fines and asset seizures of 6.5 and 7 million euros respectively while G. Papamarkakis of the company NAM was faced asset seizures and fines worth 11 million euros which was deemed illegally obtained.
Former special secretary at the Ministry of Labor, Evgenios Papadopoulos, who was also on trial was acquitted of charges.