Greek Poker Pro charged with Commercial Mortgage Fraud

Achilleas Kallakais, billionair property tycoon, has been charged with defrauding the Bank of Scotland and the Allied Irish Bank to the tune of ₤61 Million.

Kallakis, a poker pro formerly known as Stefanos Kollakis, built a massive empire of properties and had secured loans through both the Bank of Scotland and AIB which eventually resulted in the loss of the ₤61,000,000 for the two banks.

Allegations have risen that Kallakis and his business partner, Alexander Williams, originally known as Martin Lewis, had secured loans from AIB in excess of ₤700 Million over the last 5 years by providing guaranteed lease payments that turned out to be fraudulent. Documents were forged to show that tenants agreed to longer lease contracts and higher rent than was actually collected. Some of the properties Kallakis held housed parts of the Metropolitan Police, the UK Home Office’s asylum processing centre, the Daily Telegraph and Orion House.

By 2008, AIB decided to take control and sell off Kallakis’ property empire after they became suspicious about the Greek tycoon’s guarentees, and in the meantime they reported him to the Serious Fraud Office.

Mr Achilleas Kallakis was”a member of some of Britain’s most exclusive social clubs and as recently as two years ago he was developing the world’s most expensive penthouse apartment in St James’s Square.” However, he is now out on bail until May 4th when he will be sentenced with conspiracy to defraud, forgery, fraud by false representation, money laundering, and deception.

Achilleas Kallakis is a well known celebrity on the poker circuit and earned around $350,000 from live tournament cashes since 2004, including a 3rd place finish at the 888.com Pacific Poker Open 2005 for $100,000. However, he is perhaps best remembered for a famous televised poker moment when he was eliminated from the Party Poker European Open III after a freak cold deck saw five of the players all holding pocket pairs, including AA, KK, QQ. Kallakis eventually lost the hand with his pocket rockets after his opponent spiked a Q on the river.

News Added: 03 March, 2010

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