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The former head of a Swiss bank was sentenced yesterday to almost four years in prison for financial fraud, including spending on strip clubs with the company’s money.
The Zurich court was told that 65-year-old Pierin Vincenz, had used the company credit card to pay for strip clubs, new acquaintances, vacations and dinners with paid escorts.
Public interest in the scandalous case was so great that developments shifted from a courtroom in Switzerland to a concert hall.
Vincenz, former director of Raiffeisen Bank and his co-accused, said they would appeal the verdict.
Prosecutors said Vincenz and his chief of staff, Beat Stocker, had filled their pockets by taking control of companies where they had secretly invested shares.
Stocker was jailed for four years, while Vincenz, once crowned “Swiss Banker of the Year”, was sentenced to three years and nine months in prison.
The judge ruled that Vincenz’s numerous visits to nude women’s clubs were not in the bank ‘s interest, according to Swiss media.
His bills totaled 200,000 Swiss francs ($ 214,000) at strip clubs, which were placed at the company’s expense, Reuters reports.
While a dinner that cost 700 francs with a girl he had known on the Tinder network, was described in expenses as a “job interview”.
The BBC’s correspondent in Switzerland, Imogen Foulkes, said the case had damaged the Raiffeisen group – which now has about 200 branches in local communities. She says the name has already become for Swiss people a symbol of abuse and laziness with a ‘cowboy’ approach to money. / BBC /
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