St. Gallen Millionaire Fraudster Remains in Custody
Published: Wednesday, Jul 26th 2023, 17:00
Actualizado el: Viernes, Oct 13th 2023, 14:12
Volver a Live Feed
The St. Gallen Cantonal Court has reduced the prison sentence of an ex-elite banker from seven to six and a half years. This sentence remains significantly higher than the 36 months requested in the appeal process. The Cantonal Court confirmed most of the convictions issued by the St. Gallen District Court in 2022 against the ex-elite banker: fraudulent business, embezzlement, disloyal management, forgery, tax fraud. However, there was an acquittal for the accusation of obtaining a false certification, as can be seen from the judgment. Over the years, people from his environment entrusted him with large sums of money. The victims believed that their money would be invested profitably. According to the indictment, the accused abused the trust of his relatives in particular with lies and document forgeries and enriched himself with their property. In total, he is said to have fraudulently obtained and squandered 4.8 million for his luxurious lifestyle, including a lavish wedding, luxury musical instruments, jewelry, luxury holidays, cars and two historic military aircraft. The Cantonal Court also waived the five-year professional ban on the financial, real estate and trust industries demanded by the prosecution and reduced the required compensation claim to the state from 1.5 million to 1.18 million. The ex-banker has been in pre-trial detention since 2019. He belongs to the Adullam sect from the Toggenburg region. After the death of his father and founder of the sect, he was to be appointed to lead the sect. One of the victims in the fraud case is also a wealthy member of the sect. The verdict is not yet final.
©Keystone/SDA
Spanish 
English 
German 
French 
Arabic