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.This content was published on December 1, 2008 - 20:59
The district court in Zurich said 57-year-old Ernst Imfeld was guilty of mismanaging and embezzling customer funds as well as falsifying documents.
Prosecutors said Imfeld lost about SFr 150 million ($124.6 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 admitted transferring funds between accounts to cover up bad investments but denied attempting to enrich himself in the process.
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