by Vincenz is a former Swiss ‘banker of the year’. © Keystone/Michael Buholzer A Swiss court has sentenced former Raiffeisen bank chief Pierin Vincenz to almost four years in prison for fraud, forgery of documents and criminal mismanagement. Judges on Wednesday handed down a jail sentence of 43 months as well as a suspended fine of CHF840,000 (9,858). 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. Vincenz’ laywer told the Reuters news agency that he would be launching an appeal against the verdict. High-profile case Vincenz and six other
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swissinfo Business and Economy, Featured, Law and order, newsletter
This could be interesting, too:
Vibhu Vikramaditya writes Navigating the Slippery Slope: How Hoover’s Interventions Paved the Way for the Great Depression
Ryan McMaken writes Frédéric Bastiat Was a Radical Opponent of War and Militarism
Douglas French writes Millennials: In Costco We Trust
Vasil Georgiev writes Luftfahrtindustrie: Rückblick auf 2023 und Prognose für 2024
Vincenz is a former Swiss ‘banker of the year’. © Keystone/Michael Buholzer
A Swiss court has sentenced former Raiffeisen bank chief Pierin Vincenz to almost four years in prison for fraud, forgery of documents and criminal mismanagement.
Judges on Wednesday handed down a jail sentence of 43 months as well as a 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.
Vincenz’ laywer told the Reuters news agency that he would be launching an appeal against the verdict.
High-profile case
Vincenz and six other defendants in the case had denied any wrongdoing.
The prosecution had sought to recoup 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 biggest corporate crime trials in Swiss history came after an eight-day proceeding over the past six weeks. Details about huge expenses filed by Vincenz, 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.
You Might Also Like
Swiss privacy technology tackles rampant online intrusion
2022-04-03
Anyone using the internet is being watched, and possibly manipulated, via a trail of digital breadcrumbs known as metadata. Two Swiss companies, one backed by former United States military whistleblower Chelsea Manning, are setting up smokescreens to confuse prying eyes and protect web users from big tech companies and government surveillance.
Stay or go? Western consumer brands wrestle with Russian dilemma
2022-03-12
Vladimir Putin’s invasion of Ukraine has led to an exodus of well-known western brands from Russia, but not every company has joined the rush.
Switzerland triggers wide range of sanctions against Russia
2022-03-04
More than a million Ukrainians have fled their country since the Russian invasion.
Switzerland said it is activating sanctions against Russia on Friday, including a ban on many industrial exports and wide-ranging restrictions on financial activities, which includes cutting Russian banks from the SWIFT financial messaging system.
Victims of CHF800 million fraud scheme feel short-changed
2022-01-18
Administrators clearing up a CHF800 million ($877 million) collapsed pyramid scheme have managed to recover just CHF12.7 million from one of Switzerland’s largest fraud cases.
US charge extradited Russian businessman with hacking, insider trading
2021-12-23
The Russian businessman extradited from Switzerland to the United States and four other Russians have been charged with carrying out a $82-million (CHF75 million) insider trading scheme using data stolen during hacks of US computer networks.
UBS bank appeals French tax evasion fine a second time
2021-12-21
Switzerland’s largest bank, UBS, says it will once again appeal a fine handed out by a French court for tax evasion offences.
UBS fails to overturn French tax evasion guilty verdict
2021-12-13
An appeal court in Paris has confirmed that Swiss bank UBS is guilty of having assisted French tax evaders – but reduced the penalty from €4.5 billion (CHF4.7 billion) to €1.8 billion.
Google admits defeat in disputed Swiss cloud tender
2021-11-13
The Swiss federal authorities can proceed with awarding a cloud computing contract to five US and Chinese companies, including Amazon, Microsoft and Alibaba, after Google dropped an appeal against the decision to leave it out of the project.
Tags: Featured,Law and order,newsletter