Ex-manager of Israeli bank gets 8 years in jail

2nd December 2008, Comments 0 comments

A Swiss court found the former branch manager of Bank Leumi guilty of mismanaging and embezzling customer funds.

2 December 2008

ZURICH – 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 offences.

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 say Imfeld lost about CHF 150 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.

[AP / Expatica]

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