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IT Factory director turns himself in to police

By:
Peter Hymas
Published:
December 08, 2008, 0:00 GMT,
Updated:
April 20, 2009, 22:02 BST
Edition:
First Edition Cycling News, December 8, 2008

Stein Bagger, director of technology firm IT Factory, the recently bankrupted co-sponsor of Bjarne...

Stein Bagger, director of technology firm IT Factory, the recently bankrupted co-sponsor of Bjarne Riis' Danish ProTour Team, walked into a Los Angeles police station Saturday and admitted he was wanted for fraud, according to the Los Angeles Times. Until his appearance in downtown Los Angeles, Bagger had last been seen on November 27 in Dubai, United Arab Emirates, where he was vacationing with his wife and daughter.

Bagger had allegedly taken a conference call the day he vanished. Worried, his wife contacted authorities leading officials inside and outside the company to launch an investigation. Within days, it was revealed that more than 90% of the company's revenue was based on fraud.

Bagger told the LAPD that he flew from Dubai to New York, arriving November 28. There, he said, he borrowed a friend's credit card and car and drove to Los Angeles. He checked into a hotel on Friday night and on Saturday decided to turn himself in by entering "police" into the auto's navigation system. The device led him from Hollywood to the LAPD's Central Division station in downtown Los Angeles, the first police station to be listed on the car's GPS unit.

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