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Bloomberg
The former boss of one of Switzerland’s top banks was sentenced to three years and nine months in jail after being found guilty of multiple charges including embezzlement, fraud and forgery of documents.
Pierin Vincenz, ex-chief executive officer of Raiffeisen Switzerland, and bank consultant Beat Stocker were convicted for making unlawful gains during Vincenz’s 15-year tenure as CEO, a Zurich court ruled.
Stocker was handed a four-year prison sentence, after being found guilty on a number of counts, including fraud, dishonest business management and documents forgery.
The conviction is a triumph for Zurich prosecutors in the high-profile trial which ran for weeks in a packed courtroom in Switzerland’s banking capital in January.
They had charged Vincenz with enriching himself and others through millions of dollars in side deals and illegal expenses including racking up a 201,267 Swiss-franc ($216,010) tab at a string of clubs.â€
Vincenz’s lawyer Lorenz Erni said that the ruling is “wrong†and would be
appealed, according to Tages-Anzeiger.