A Swiss banker once dubbed "banker of the year" is now on his way to serving 4 years in prison for millions of dollars of misuse of company expenses.
Former Raiffeisen Switzerland Chief Executive Pierin Vincenz was sentenced last week after a fraud trial that exposed his lavish spending of his company's money, according to SCMP.
SCMP called it "one of Switzerland’s highest-profile corporate crime trials in decades".
Vincenz was also aquitted on several other counts, was fined 840,000 Swiss francs and was ordered to pay 1.6 million francs in damages. He was found to have used business expenses for private purposes.
Vincenz' lawyer attests his innocence and said they would appeal the verdict.
During trial, Vincenz explained that a 200,000 franc expense bill, mostly for strip clubs, was "largely business related". He also defended a 700 franc dinner he had with a woman he met on Tinder, claiming he was considering her for a real estate job.
But the judge had other thoughts, stating: “[His] understanding, whereby practically all expenditures of a business person fall under disposable company expenses so long as any remote connection to the business activity exists, clearly went too far."
The judge continued: “The relationship maintenance he carried out in cabarets, strip clubs and contact bars was no longer in the primary interest of Raiffeisen.”
Vincenz was also ordered to pay Raiffeisen more than 260,000 Swiss francs and another firm 1.3 million francs for "damages incurred by another firm over a corporate transaction".
Is that a nice way of saying the checks he wrote at the strip club never cleared?