Ex-bank CEO gets 26 months

Gavel

Sentenced to jail for hiding facts about the capital position of the bank.

Reuters reports that a former chief executive of Austrian bank Hypo Alpe Adria was sentenced to jail for hiding facts about the capital position of the bank, which was subsequently bailed out by the state.

Tilo Berlin, who headed the now nationalised bank from 2007 to 2009, became the fourth of its former managers to be convicted. He was given a 26-month sentence by a court in Klagenfurt, capital of the bank's home province of Carinthia, a court spokeswoman said on Wednesday.

She said lawyers for Berlin, who pleaded not guilty, appealed against the verdict, which was handed down just before midnight.

Hit the link below to access the complete Reuters article:

Ex-CEO of bailed-out Hypo bank convicted in put option case

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