Ex Let’s Gowex (GOW) CEO Could Face 10 Yrs In Prison

LETS GOWEX SA (OTCMKTS:LGWXY) (BME:GOW) has formally filed for bankruptcy in Spanish courts today, and former CEO Jenaro Garcia Martin could face up to 10 years in prison on charges of false accounting, distorting financial information, and insider trading, reports Julien Toyer for Reuters. His passport has been seized and he has been ordered to pay €600,000 in bail within 15 days. The judge said that the combination of a heavy prison sentence and millions stored in a Luxembourg bank account made Garcia Martin a flight risk, though he could have simply left the country before coming forward if that was…