Finance Credit was a Norwegian company that went bankrupt in 2002, after facing criminal investigation for siphoning funds (in total 1,4 billion NOK) it borrowed from six Norwegian banks to offshore tax havens,[1] in what became known as the Finance Credit scandal, arguably the biggest economic fraud in Norwegian history.
The company was founded by Torgeir Stensrud and Trond Kristoffersen, who were in 2005 convicted on charges of fraud to 7 and 9 years in prison, respectively.
He was also barred from engaging in any independent form of trade, as well as from holding senior or board positions in any companies, for life.
[4] Torgeir Stensrud (July 1, 1949 – September 27, 2015)[5] was chairman of Finance Credit, a Norwegian former leader of Interallied Confederation of Reserve Officers, and military officer.
He was sentenced to 7 years in prison for his role in the Finance Credit fraud scheme and 2002 bankruptcy.