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Verdict due in Swiss ‘banker of the year’ strip club bill trial -Breaking


© Reuters. FILE PHOTO – Pierin Vincenz (ex-CEO of Swiss Raiffeisen Bank) waits to continue a trial before the Volkshaus Theatre in Zurich. This was January 25, 2022. REUTERS/Arnd Wiegmann


ZURICH, (Reuters) – On Wednesday Swiss judges will announce their verdicts in a trial that began in January and has been dominated by allegations about fraud and large strip club debts.

Zurich’s district courts will determine whether Pierin Vincenz (a former Swiss “banker-of the year”) is sentenced in one of America’s most prominent corporate crimes trials. The charges include making millions of dollars through illegal deals as he headed Raiffeisen Switzerland.

Alle seven accused deny all allegations.

Prosecutors seek nearly 70,000,000 Swiss Francs ($75 Million) of assets and are also seeking financial penalties. Prison sentences range between two to six years.

This case concerns conflicts of interest in deals between several firms, where Vincenz was involved. The men are also charged with forgery.

Because of the public’s intense interest, the trial moved from the Zurich courthouse to Zurich Volkshaus theatre. The 65-year-old was also accused of misusing corporate expenses.

Vincenz informed the court in January that nearly 200,000 Swiss Swiss Francs was spent on strip club visits. He said that 700 Swiss Franc dinner with a girl he had met through Tinder was justified as he was thinking about her for his real estate career.

An additional five defendants have been charged with anti-competitive behavior and being accessory on corporate deals. Prosecutors claim they earned millions through these transactions.

($1 = 0.9293 Swiss francs)