Posted on 05/07/08
Nine convicted in BAWAG fraud case
Nine people, including a prominent executive who fled to France to try to elude justice, were convicted of criminal charges yesterday in an Austrian bank fraud case linked to the 2005 collapse of New York-based commodities brokerage Refco Inc. Vienna Federal Court Judge Claudia Bandion-Ortner found the defendants responsible for €1.4-billion ($2.2-billion) in losses at BAWAG, Austria's No. 4 bank. The defendants include two former BAWAG executives, Helmut Elsner and Johann Zwettler, and U.S.-based investment banker Wolfgang Floettl. All nine proclaimed innocence on charges of breach of trust, aiding breach of trust, false accounting and fraud.
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