A former Málaga bank manager has been sentenced to 10 years in jail for using client money for his own investments.
The Provincial Court has sentenced a former bank manager to ten years in prison after he was found using client money to finance his own investments. He was also fined €10,800 and ordered to pay compensation to a number of clients to the tune of €260,000.
The fraud took place in the period 1988 to 1997 and the manager even used the names of dead people to make high-risk investments, none of the transactions being reflected in the bank’s official accounts. The Court was also told how he set up three companies in Gibraltar to channel his ill-gotten gains and avoid paying taxes.
The owner of a financial advice firm, accused of collaborating with the bank manager in various schemes, was also sentenced to three years in prison.