[5] Stein Bagger claimed that he had several academic degrees, including an MBA and a PhD in International Business from "San Francisco Technical University".
[8][9] Bagger had reportedly left Dubai on a plane destined for New York where he borrowed a car from a Swedish friend, Mikael Ljungman, before making a cross-country trip to Los Angeles.
Investigations revealed that Bagger employed a duping scheme by forging large sales orders creating fictional revenue.
About half the leasing funded money paid to the partner was spent on purchases of software from IT Factory, thus inflating company earnings.
Since each fraudulent transaction was for such a large amount, only a relatively small number of fake documents would be needed to pull off the $200 million scam.