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Ex-Leumi Exec in Zurich Gets 8 Years
y that the Switzerland branch has resumed normal activity, and as of the end of 2007, managed assets totaling more than 6.6 billion Swiss francs.

Hila Raz 02.12.2008 02:36 Updated: 3:09 AM
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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 offenses.
The district court in Zurich found 57-year-old Ernst Imfeld guilty of fraud, embezzlement, falsifying of documents and inappropriate conduct toward the bank and its customers customer.
Imfeld's activities involved unauthorized use of customer accounts and unauthorized transactions in foreign currency, stocks and options, which resulted in losses to the bank of 229 million Swiss francs. Imfeld was convicted of transferring monies to both third parties and to his own private account.
In the ruling, the Swiss judge said the sentence reflected the seriousness of the crimes, which had inflicted severe damage on the bank and its customers. Four other defendants in the affair, who were not employees of Bank Leumi's Swiss branch, received prison sentences of up to two and a half years in addition to suspended sentences and heavy fines.
Imfeld was fired after the fraud at the bank was discovered in 2001. The bank informed Swiss regulators of the fraud and compensated customers who had suffered damages.
Simultaneous with the opening of the criminal trial, Leumi Switzerland sued Imfeld and four other defendants in Zurich courts for compensation of 107 million Swiss francs (NIS 350 million) for direct monetary damages caused to the bank as a result of the fraud.
Leumi emphasized that Imfeld's actions, which occurred years ago, have no bearing on the bank's business activities today.
Senior sources at the bank say that the Switzerland branch has resumed normal activity, and as of the end of 2007, managed assets totaling more than 6.6 billion Swiss francs.
read more: http://www.haaretz.com/print-edition/business/ex-leumi-exec-in-zurich-gets-8-years-1.258657