Atlanta-Atlanta Bread Co. president and CEO Jerry Couvaras has been arrested in South Africa for allegedly swindling South African investors out of $5.54 million. Couvaras was arrested in Johannesburg on March 27, nearly 12 years after thousands of South Africans allegedly lost money in an investment scheme that collapsed after two companies were liquidated, according to Johannesburg police.
Couvaras faces charges of fraud and of allegedly contravening the Banks Act by "unlawfully conducting the business of a bank." He allegedly is a key figure behind two investment companies that went into liquidation in 1993. A previous civil lawsuit in that case has been dropped.
A local spokesperson for Couvaras, Rebecca Wallace, said the executive "disagrees with the allegations against him and will continue to contest these decade-old issues."
Company spokesperson Alice Coggin said Couvaras remains the CEO and president of the company and that it is "business as usual" for the Atlanta-based company. -Atlanta Business Chronicle