Suvechha Sarkar
The Trustor Scandal has been one of Sweden’s most well-known financial scandals, marked by millions of missing Kronor, an illegal corporate takeover, and the disappearance of Joachim Ralph Posener, who is considered the main suspect in the financial crime case. Netflix’s ‘Inside the Trustor Scandal’ sheds light on the scandal that took place in Stockholm, Sweden, surrounding the investment company, Trustor, and how the investigation led authorities to consider that Joachim was the alleged mastermind behind it. The episode also features a detailed interview with him and other individuals involved in the case.
Joachim Posener Was Convicted of Fraud and Tax Evasion in the Early 1990s
Joachim Ralph Posener was born sometime in 1964 in Lidingö, Stockholm. After completing his initial education, he pursued a law degree but never graduated from law school. In the late 1980s, he had already begun his professional life trading stocks and working as a tax advisor. Eventually, he founded the investment company Thul with a colleague and set up its offices in Stockholm and Copenhagen, Denmark. According to Joachim’s statements on the show, in 1991, he devised a scheme to create several false assets on paper, which helped him and his colleague to acquire four publicly listed companies in Denmark. However, they were both arrested the following year for financial fraud.
As per the show, Joachim was convicted of aggravated fraud and tax evasion, and his colleague was also found guilty of fraud. Eventually, they were sentenced to 6 years and 4 years in prison, respectively. Joachim was banned from entering Denmark and served his sentence at the Norrtälje Prison and Asptuna Institution in Sweden. He claimed on the show that during his time in prison, his maternal cousin, Thomas Jisander, had contacted him, offering to become Joachim’s partner if he wanted to pursue any financial venture. After serving a few years in prison, Joachim was released on parole in February 1997. He further stated that before his release, he had begun reviewing a list of companies he could acquire.
According to Joachim, although he was under supervision and banned from engaging in financial activities, he formed a team, comprising Thomas’ friend, Peter Mattsson, and British businessman, Jonathan Guinness, AKA Lord Moyne. Joachim decided to buy the investment company, Trustor, located in Stockholm, Sweden. Further records suggest that Lord Moyne had agreed to buy the majority shares from the then-owner of the company’s A-shares, Per-Olov Norberg. During the negotiations, Lord Moyne was given a five-day period to buy Trustor’s stocks and provide his payment simultaneously. In the venture, he was also reportedly joined by his colleague Lindsay Smallbone, who was appointed CEO of the company.
Missing Millions, Bank Transfers, and a Notebook Exposed the Trustor Scandal
Joachim claimed on the show that during the deal, he spoke with Thomas remotely, instructing his cousin on how to finalize the purchase of Trustor. After receiving the grace period to pay Per-Olov following the signing of the deal, Lord Moyne, Lindsay, Peter, and Thomas opened employee accounts at Barclays Bank in London, England. According to official records, approximately SEK 600 million was transferred from the Trustor’s cash reserve to the London accounts and subsequently to several other bank accounts. In June 1997, Per-Olov was finally paid the agreed price of SEK 241 million for Trustor.
Around the same time, an investigative journalist began looking into the purchase after becoming suspicious that Lord Moyne didn’t have sufficient funds to finance it. In October 1997, the journalist published an article on the matter. Meanwhile, authorities raided Trustor’s offices. When Peter and Thomas returned to Stockholm, they were immediately taken into custody. During the investigation, detectives discovered that over SEK 400 million was missing from Trustor’s funds and noted the involvement of another man, Joe Falk, in the deal. Police records indicate that “Joe” was revealed to be Joachim’s alias, and the notebook in which he allegedly planned the transaction was also discovered.
In 2001, Thomas and Peter’s trial began in the Stockholm District Court. By the end of the trial, they were convicted, but the Appellate Court acquitted them in April 2002. It is essential to note that Lindsay was never prosecuted in the case, and Lord Moyne was cleared of any wrongdoing, following which they walked free. In 2008, Thomas was convicted of incitement to gross embezzlement and sentenced to 1.5 years in prison. After disappearing in 1997, Joachim became wanted internationally by Interpol. A Swedish court reportedly ordered him to pay Trustor over SEK 100 million in 2004, but the statute of limitations in his case had expired by 2007. Currently, he faces no criminal charges related to the Trustor Scandal, but he may still be prosecuted for unpaid taxes.
Joachim is Likely Maintaining a Quiet Life With His Wife and Daughter
In the late 1980s, Joachim was already married. By January 1992, he and his wife welcomed their daughter into the world. Reports state that at the time of the Trustor Scandal, he had unfortunately separated from his wife and was in a relationship with another woman. In October 1997, Joachim, his daughter, and his girlfriend had even traveled to Barbados, but that relationship likely ended when he disappeared shortly after returning from the vacation. On the show, he stated that after leaving Sweden, he eventually settled in a small village in Brazil and later moved elsewhere.
Following that, Joachim was declared personally bankrupt in Sweden, and several other companies that incurred losses due to his actions had sought claims. However, the personal bankruptcy case was closed in January 2014. On the show, Joachim revealed that he had found love again, leading to his marriage. He and his partner eventually welcomed their daughter sometime around 2010 or 2011. When asked about losing contact with his family, Joachim explained that it had been difficult.
However, Joachim felt that his freedom made it worth it. According to a report, he was working on a documentary about his life in February 2026 when he was arrested for filming a prison on his phone without permission. However, it is worth noting that no further public records show that he has been convicted of the charge. As of writing, Joachim appears to be leading a quiet life away from the public eye, admittedly with a new identity, in the company of his wife and younger daughter.
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