Mikael Ljungman
| Mikael Ljungman | |
|---|---|
| Born |
November 25, 1963 Östermalm, , Sweden |
| Nationality | Swedish |
| Education | Lawyer, Political Scientist |
| Occupation | Businessman |
Mikael Ljungman (born November 25, 1963) is a Swedish politician, lawyer and businessman. He was convicted of fraud and false accounting related to his business activities, for which he served a two-year prison term. He is also known for his association and involvement with two high-profile tech failures: the game console manufacturer Gizmondo in 2006 and IT Factory in 2008. After his release from prison, Ljungman became active in the Christian Democrats legal policy network. He was selected as the Christian Democrats parliamentary candidate for the 2014 Swedish elections.
Mikael Ljungman has a Masters of Laws (LL.M.) from . He also studied political science.
Ljungman's company 3P PreForm Marketing and Research began performing research and development work for Gizmondo Europe in 2003 and was paid $7.6 million. After Gizmondo Europe's bankruptcy in early 2006, the liquidators had outstanding questions about Ljungman and his company's involvement with Gizmondo Europe Ltd; they were perfectly satisfied with Ljungman's answers. In May 2008, Carl Freer bought Gizmondo Europe's intellectual property rights. Ljungman worked with Freer on the relaunch of the Gizmondo, with Freer calling him his "co-pilot". He traveled to China in early 2008 to arrange manufacturing, a contract purported to be worth $300M. The relaunch of Gizmondo never materialized.
Ljungman was arrested on October 19, 2004, but released shortly thereafter pending trial. Ljungman was found guilty of false accounting and tax evasion on January 26, 2009. Ljungman initially received a two-year prison sentence; which was reduced to 10 months on appeal after the tax evasion charges were dismissed. The sentence included disqualification from running a company in Sweden for five years, which was reduced to three years starting from 2007 after the successful appeal. Ljungman's appeal went to the supreme court where it was denied and he was imprisoned in late April 2009.
In December 2008 Danish company IT Factory went bankrupt revealing systematic financial fraud. Ljungman was linked to IT Factory's CEO Stein Bagger, who went missing four days before the company's collapse was publicly announced. Bagger fled from Dubai to the United States and eventually surrendered to police in Los Angeles, where he was found to have Ljungman's car and to have used his credit card.
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