BaltCap manager is suspected of embezzling and gambling away up to €30 million

A manager at investment firm BaltCap allegedly stole up to €30mn, gambling it away at casinos, revealing supervision gaps.

BaltCap fired Sarunas Stepukonis in November for financial mismanagement and reported suspected asset misuse. The story gained media attention in late January.

The firm disclosed he may have taken €16.5-€30mn from the BaltCap Infrastructure Fund, suing him and Olympic Casino Group Baltija.