Collection Agency Founder Pleads Guilty to Fraud Charges

Torgeir Stensrud, one of the founders of the scandal-ridden Finance Credit collection agency, claimed he’s a “sick, disabled” man when his trial started in the Oslo City Court on Monday. Torgeir Stensrud pleaded guilty to the fraud charges against him.

Stensrud, hoping for leniency, pleaded guilty as expected to all but one of the fraud charges against him. His former partner, Trond Kristoffersen, already has been sentenced to nine years in prison after Finance Credit collapsed and left several Norwegian banks with huge losses.

The pair, once known for lavish lifestyles, was arrested and Finance Credit raided in November 2002. Their firm was supposed to handle creditor demands on behalf of Norwegian clients. Instead, they ran up loans of around NOK 1.5 billion ($234 million), inflated their balance sheets and gave a false impression of what their assets were worth.

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