Client Acquitted of €450,000 Embezzlement Charges – Felony Embezzlement Dismissed
Papatriantafyllou & Thanasenari secured a landmark embezzlement acquittal in Greece, with the court fully clearing our client of repeated felony charges.
The court fully accepted our argument that, at the time of the alleged offence, the market value of the leased equipment had fallen significantly below the €120,000 threshold required to establish a criminal-level offence.
Legal Basis for Embezzlement Acquittal in Greece
Under Article 375(2) of the Greek Criminal Code, embezzlement rises to the level of a felony only if the value of the misappropriated assets exceeds €120,000. Importantly, this value must reflect the actual market value at the time of the alleged act, not the original purchase price.
Case Background
Our client had entered into financial leases for professional equipment with leasing companies in 2004–2005. Although the original value of the equipment was approximately €450,000, the client had dutifully paid over €320,000. Due to financial distress, he ceased payments years later and discontinued leasing the equipment.
Subsequently, the leasing companies filed criminal complaints, seeking felony embezzlement charges against him.
Our Defense Strategy
We argued that:
- There was no intent to appropriate the leased equipment, evidenced by the substantial rent payments already made.
- At the time of the alleged act (circa 2010), the actual market value of the equipment had declined well below €120,000, disqualifying the felony charge.
Using invoices, bank records, and market comparisons—including data showing identical equipment sold for as low as €30,000—the firm demonstrated that the value could not support criminal-level classification.
Court’s Decision
The court accepted our defense in full, concluding that:
- Valuation must be based on current market value, accounting for wear, age, and economic context.
- The evidence confirmed that the equipment’s value at the relevant moment did not exceed €120,000.
- Consequently, the felony charge was not substantiated, and the case fell outside criminal jurisdiction.
Because more than eight years had passed since the alleged act until hearing, the court ruled that prosecution was terminated due to statutory time limits.
In summary, the court embraced our legal and factual reasoning, leading to the full acquittal of our client.
Significance of the Case
This outcome underscores the importance of:
- Precise factual and legal argumentation in financial criminal law (white collar crime).
- Differentiating contract defaults from criminal liability.
- Leveraging evidence and jurisprudence to secure acquittals in complex commercial disputes.
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