Court rules Psomiadis,15 more, to stand trial for insurance fraud

A council of appeals court judges on Friday ruled that businessman Pavlos Psomiadis and another 15 defendants will stand trial on charges of fraud, embezzlement and organized crime in connection with the now-defunct Aspis insurance group.

According to the ruling, there is compelling evidence to suggest that Psomiadis and the other suspects are culpable of embezzling nearly 250 million euros in insurance premiums from over 37,000 citizens who were convinced to sign on with the company under false pretenses.