Eriksson became known by the Swedish police as Tjock-Steffe ("Fat Steve") or, The Banker, by the local mob in Sweden's fourth largest city of Uppsala, roughly 60 km north of Stockholm.
Known as a playboy, he often showed off a 1,200 horsepower (890 kW), 63' Sea Ray offshore race boat, with a top speed of 56 knots (64 mph; 104 km/h).
[4] He was also seen driving a Mercedes SL with the license plate reading "GEO" (in Swedish, it is pronounced similar to the Cuban slang llello ("yeyo") for cocaine, used by Al Pacino in the 1983 movie Scarface.)
Attempting to defraud the Swedish Bank Giro Central of 22 million kronor, Eriksson was found guilty of fraud and counterfeiting.
[3] The Swedish police had great difficulty finding people who dared to testify, and the head witness later survived two bomb attacks.
In October 2005, a Swedish paper revealed irregularities in the business dealings of Gizmondo, and the criminal past of some members of management, including Eriksson.
The company was also involved in various litigation: Swedish Ogilvy Group, MTV, and former Formula 1 team Jordan Grand Prix all filed million dollar suits.
On February 21, 2006, Eriksson lost control of an Enzo Ferrari sports car, valued at over $2,000,000 USD, while allegedly driving at a high speed and intoxicated along Pacific Coast Highway in California.
[9] Eriksson brandished a business card claiming to be a deputy police commissioner with the San Gabriel Valley Transit Authority (whose founder was later arrested for perjury in connection with the case),[11] and Karney borrowed a phone in a passerby's car where he tucked away a magazine for a Glock pistol.
Eriksson, preparing to leave the US, was arrested on suspicion of embezzlement, grand theft auto, drunken driving, cocaine possession, and weapons charges stemming from a Magnum handgun encountered during the search.
In May, misdemeanor hit and run and driving without a California license and insurance were added in relation to a Porsche Cayenne allegedly driven by Eriksson rear-ending an SUV near his Bel Air home on January 4.
[18] He was deported back to Sweden where he soon received an 18-month prison sentence for extortion and aggravated assault after pouring petrol on a target of his debt collection services.