ZURICH, Switzerland (AP) - A Swiss court has sentenced a former branch manager of Israel's Bank Leumi to eight years in prison for a string of fraud-related offenses.
The district court in Zurich says 57-year-old Ernst Imfeld is guilty of mismanaging and embezzling customer funds as well as falsifying documents.
Prosecutors says Imfeld lost about 150 million Swiss francs (now worth $125 million) over the course of a decade while he was the head of Bank Leumi's branch in Switzerland. He was fired when the fraud came to light in 2001.
Imfeld has admitted transferring funds between accounts to cover up bad investments but denied attempting to enrich himself in the process.
Bank Leumi welcomed Monday's ruling. |