Ex-head of Raiffeisen Switzerland jailed for fraud and strip club spendings

One of the most high-profile corporate crime trials in decades has ended in Switzerland, Reuters reports. Due to great public interest, it was moved from the courthouse to the Volkshaus theater in Zurich. Among the seven defendants was the former CEO of Raiffeisen Switzerland, Pierrin Vincenz, once named "banker of the year." He was sentenced to nearly four years in prison.

The Zurich District Court found Vincenz guilty of receiving millions in illegal transactions while he was the CEO of the bank. As the investigation showed, the banker was involved in forging documents and using corporate funds for personal purposes. Vincenz denied all accusations against him. So, he told the court that the bill for visiting a strip club in the amount of about 200,000 Swiss francs (about $215,000) was mainly related to business, and a dinner for 700 francs (about $750) with a woman he met on Tinder was a job interview.

In addition to the time limit, Vincenz was also fined 840,000 Swiss francs ($900,600). The ex-banker's lawyer said he would appeal the verdict.