Corey Plummer, former CEO of Estonia’s OB Holding 1 behind the Olympic group, reportedly gave special attention to Šarūnas Stepukonis, a former BaltCap partner suspected of embezzling tens of millions of euros, with large sums spent on gambling.
Stepukonis gambled with Olympic Casino between 2016 and 2021. He is accused of embezzling around €42m ($48.35m) from several companies managed by BaltCap. The scandal affected Lithuanian and Estonian pension funds that invested in the BaltCap fund.
The pre-trial investigation is nearing completion while Olympic and its former CEO, Plummer, who have been named in connection with the case, continue to maintain a strategy of silence.
Sources familiar with the case told local media that Plummer personally approved benefits for Stepukonis as a VIP client. Plummer reportedly accompanied Stepukonis on a company-sponsored trip to watch a football match in Turin. Although the Estonian company said it offered travel gifts to VIP clients, no other cases of similar scope to Stepukonis were identified.
Since July 2021, when Lithuania banned gambling operators from offering gifts to customers, Stepukonis’ online gambling activity was reportedly moved from Lithuania to Estonia, with Plummer’s involvement. This allowed Stepukonis to continue gambling under less strict regulations.
In 2025, the Lithuanian Gaming Control Authority (LPT) fined Olympic Group nearly €8.4m. Lithuanian law requires gaming operators to ensure customer funds are not obtained from criminal activity and to verify the source of funds.
The LPT found that Olympic did not take sufficient steps to identify the origin of Stepukonis’ funds and that monitoring of his transactions was only formal and ineffective.
The Lithuanian regulator also noted that Olympic failed to report suspicious transactions to the country’s Financial Crime Investigation Service
