Pierin Vincenz was the former CEO of Raiffeisen Bank. The former banker of the year was sentenced to almost 4 years in prison. The company funds were used to pay for personal holidays and strip clubs. A Swiss ex-banker who was once awarded the title of "banker of the year" was sentenced to three years and nine months in jail for fraud after a trial exposed his spending of $200,000 of company money on strip clubs. Pierin Vincenz, the former Chief Executive of Raiffeisen Bank, was fined and ordered to pay over a million dollars to firms that were affected by his fraud.Business Insider
According to the German newspaper, Vincenz has been found guilty of a number of charges, including fraud and forgery.
The expenses he charged to the bank were a part of the trial.
According to The Sunday Times, Vincenz was accused of using his company credit card to fund a 20-year tour of the red-light zones.
The Daily Beast reported that $217,675 was paid to strip clubs. According to The Sunday Times, Vincenz spent $97,000 at one cabaret theatre.
Vincenz spent 700 Swiss Francs on dinner with a woman he met on the dating app, which he labeled as a job interview.
According to The Times, Vincenz claimed almost 250,000 Swiss Francs on private jets and family holidays. German news site Tagesschau said Vincenz justified the spending by saying they were necessary to maintain contacts with international banks.
The Sunday Times said he admitted to mistakes regarding his corporate expenses. The newspaper said that he spent more than $5,000 on his company credit card to repair a hotel room that was wrecked in a row with a stripper.
Judge Sebastian Aeppli, who sentenced Vincenz, said that practically all expenditures of a business person fall under disposable company expenses so long as any remote connection to the business activity exists.
The original article is on Business Insider.
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