Atlanta Bread Co. CEO Arrested for Alleged Fraud in South Africa

Atlanta-Atlanta Bread Co. president and CEO Jerry Couvaras has been arrested in South Africa for allegedly swindling South African investors out of $5.54 million. Couvaras was arrested in Johannesburg on March 27, nearly 12 years after thousands of South Africans allegedly lost money in an investment scheme that collapsed after two companies were liquidated, according to Johannesburg police.

Couvaras faces charges of fraud and of allegedly contravening the Banks Act by "unlawfully conducting the business of a bank." He allegedly is a key figure behind two investment companies that went into liquidation in 1993. A previous civil lawsuit in that case has been dropped.

A local spokesperson for Couvaras, Rebecca Wallace, said the executive "disagrees with the allegations against him and will continue to contest these decade-old issues."

Company spokesperson Alice Coggin said Couvaras remains the CEO and president of the company and that it is "business as usual" for the Atlanta-based company. -Atlanta Business Chronicle

Want to be an BIZ Experiences Leadership Network contributor? Apply now to join.

Editor's Pick

Most Popular

See all
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for BIZ Experiencess to pursue in 2025.

By Eve Gumpel
Science & Technology

OpenAI's Latest Move Is a Game Changer — Here's How Smart Solopreneurs Are Turning It Into Profit

OpenAI's latest AI tool acts like a full-time assistant, helping solopreneurs save time, find leads and grow their business without hiring.

By Ben Angel
Social Media

How To Start a Youtube Channel: Step-by-Step Guide

YouTube can be a valuable way to grow your audience. If you're ready to create content, read more about starting a business YouTube Channel.

By Jason R. Rich
Money & Finance

These Are the Expected Retirement Ages By Generation, From Gen Z to Boomers — and the Average Savings Anticipated. How Do Yours Compare?

Many Americans say inflation prevents them from saving enough and fear they won't reach their financial goals.

By Amanda Breen
Starting a Business

I Built a $20 Million Company by Age 22 While Still in College. Here's How I Did It and What I Learned Along the Way.

Wealth-building in your early twenties isn't about playing it safe; it's about exploiting the one time in life when having nothing to lose gives you everything to gain.

By Emil Barr
Science & Technology

AI Isn't Plug-and-Play — You Need a Strategy. Here's Your Guide to Building One.

Don't just "add AI" — build a strategy. This guide helps founders avoid common pitfalls and create a step-by-step roadmap to harness real value from AI.

By Nicholas Leighton