Published July 23, 2021 at 17.12
Domestic. Allra-tangle includes tens of thousands of pages of documents and transactions with incomprehensible so-called structured products. But before the prosecution in Stockholm District Court, the prosecutor submitted the following summary of how the accused had cheated the pension savers of hundreds of millions of kronor.
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Background
In 2012, the Swedish Pensions Agency had invested approximately SEK 7 billion in the three mutual funds Svensk Fondservice Maximal, Svensk Fondservice Balanced and Svensk Fondservice Försigtig.
The money belonged to the Swedish Pensions Agency and had been added to the funds as approximately 110,000 people had chosen to have a share. of their pension savings in those funds through the so-called premium pension system.
The premium pension system works in such a way that a loss of money from the mutual funds leads to the individual pension saver receiving a smaller future pension.
Svensk Fondservice AB had the task of deciding which securities would be in the mutual funds. The regulations governing the mutual funds state that there may only be securities for the purpose of increasing the value of the mutual funds. Alexander Ernstberger and David Persson Rothman, as representatives of Svensk Fondservice AB, had the ultimate responsibility for ensuring that the mutual funds were managed in that way.
Oak Capital AB was a securities company that until the spring of 2012 primarily brokered securities with high risk to private individuals. During the first half of 2012, operations were so bad that many of the employees had been laid off. Olle Markusson was at this time the managing director of Oak Capital AB.
Brotten
In the spring of 2012, Alexander Ernstberger and David Persson Rothman came into contact with representatives of Oak Capital AB. The contact led to Oak Capital AB offering Alexander Ernstberger and David Persson Rothman money as compensation so that they, as representatives of Svensk Fondservice AB, could persuade the mutual funds to buy securities from, or through Oak Capital AB. Representatives of Oak Capital AB then agreed with Alexander Ernstberger and David Persson Rothman that Oak Capital AB would buy securities from various banks for approximately SEK 260 million and then sell these on to the mutual funds for approximately SEK 430 million. The profit of approximately SEK 170 million was to be divided in such a way that Alexander Ernstberger and David Persson Rothman received approximately SEK 50 million each and that Oak Capital AB was allowed to retain approximately SEK 70 million.
Since it is not allowed to do deliberately bad business with other people's money, the people involved agreed that they must write different documents to hide what is described above. Documents were therefore drawn up in which it appears that Oak Capital AB mediated the transaction from the banks as a so-called commission purchase. The documents stated that Oak Capital AB had purchased the securities on behalf of the mutual funds for $ 8,000 each, even though Oak Capital AB had actually only paid $ 4,850 each. Because it was done that way, it was no longer possible to easily see that the mutual funds had paid too much for the securities.
Because it is not allowed to pay money to someone to make conscious bad deals with other people's money, the people involved agreed that they had to write various documents to hide this as well. Documents were therefore drawn up in which it appears that the money paid to Alexander Ernstberger and David Persson Rothman was payment for shares that they both sold. Oak Capital AB therefore paid the compensation agreed upon to another company, which was the company that came to carry out the share transaction. Because it was done that way, it was no longer possible to easily see that money had been transferred to Alexander Ernstberger and David Persson Rothman.