Fourteen on trial for Spain's biggest financial fraud

17th September 2007, Comments 0 comments

17 September 2007, MADRID - DPA - Fourteen people went on trial Monday on charges of swindling 4,000 investors out of 50 million euros (70 million dollars) in one of Spain's biggest financial scandals.

17 September 2007

MADRID - DPA - Fourteen people went on trial Monday on charges of swindling 4,000 investors out of 50 million euros (70 million dollars) in one of Spain's biggest financial scandals.

Antonio Camacho, head of the brokerage house Gescartera, and his two main collaborators face up to 11 years in prison for irresponsible financial deals and outright swindling, with the charges including embezzlement and falsification of documents.

Most of the lost money has still not been recovered.

The scandal prompted the resignation of the then chairwoman of the national stock market watchdog CNMV when it broke in 2001.

It also affected then conservative prime minister Jose Maria Aznar's government, provoking the resignation of a senior official, whose sister helped to run Gescartera.

The sister faces up to eight years in prison at the trial, which was expected to last three months. dpa st sc

[Copyright DPA with Expatica]

Subject: Spanish news

0 Comments To This Article