The outbreak of the Lavrion mines scandal with Andreas Syggros in the headlines
1875

The outbreak of the Lavrion mines scandal with Andreas Syggros in the headlines

Declared as the first stock market fraud, even though the Greek stock market did not exist at the time, the Lavrion Mines scandal was a combination of bureaucracy, populism, and the dream for easy and fast money.

"Lavreotika" started when Italian businessman Serpieri acquired the Lavrion Mines. His dispute with the Greek state almost caused a foreign military intervention against our country. Businessman Andreas Syggros offered a solution when he bought the deeds to the company and printed stocks. Wide-spread rumors that the mines held large gold deposits led Greek people to sell their land and buy shares, which proved to be worthless since the gold deposits at the mines had been exhausted since ancient times.

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