Former top Swiss banker convicted for fraud
Date
4/13/2022 5:17:09 AM
(MENAFN- Swissinfo)
Vincenz is a former Swiss 'banker of the year'. © Keystone/Michael Buholzer
A Swiss court has sentenced a former Raiffeisen bank chief, Pierin Vincenz to prison for fraud, forgery of documents and disloyal management practices.
This content was published on April 13, 2022 - 10:00 April 13, 2022 - 10:00 swissinfo.ch/Keystone-SDA/ug
Judges handed down a jail sentence of 43 months as well as suspended fine of CHF840,000 ($899,858). Vincenz was also ordered to refund CHF236,000.
He was accused of making millions through illicit deals, while he was chief executive of Raiffeisen Switzerland, the country's third largest bank.
However, the district court in Zurich cleared him of accusations of corruption.
The verdict is subject to appeals.
Vincenz and six other defendants in the case had denied any wrongdoing.
The prosecution was seeking nearly CHF70 million in total assets from the defendants as well as pursuing financial penalties and prison terms ranging from two to six years for all but one of them.
The verdict in one of the highest corporate crime trials biggest fraud trials in Switzerland came after an eight-day trial over the past six weeks. Details about Vincenz' huge bills, notably in strip clubs, caused furore in public.
The 65-year-old former Swiss“banker of the year” claimed the expenses were justified for business reasons.
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