In Switzerland, the most sensational economic trial in 15 years has ended with a guilty verdict for the former head of the Swiss banking group Raiffeisen, Pierin Vincenz.

The Zurich District Court sentenced Vincenz to three years and nine months in prison for fraud and forgery, according to the opening sentence on Wednesday.

The court also imposed a fine on him.

His business partner Beat Stocker, ex-head of the credit card company Aduno (today Viseca), was sentenced to four years in prison for fraud.

The parties can appeal the judgment to two other courts.

The public prosecutor had accused the two of secretly holding shares in companies that were then sold to their employers at their instigation.

They would have enriched themselves by millions.

Raiffeisen's lawyer denounced the "considerable criminal energy of the accused".

From 1999 to 2015, Vincenz was Managing Director of Raiffeisen-Genossenschaft, the third largest Swiss banking group after UBS and Credit Suisse.

He was arrested in 2018 and spent weeks in custody.

Strip club visits were of a business nature

During the investigation, serious oversight deficiencies were uncovered at Raiffeisen: numerous dubious expense reports came to light.

With more than 100 visits to cabarets and strip clubs with names like "Crazy Paradise" and "Pussy Cat", Vincenz had charged almost 200,000 francs (today almost 200,000 euros) for maintaining business relationships.

The expenses had been approved.

Vincenz and Stocker's defense attorneys had rejected all allegations.

What the prosecution presented as splitting ill-gotten gains were actually loans.

Vincenz' lawyer referred to Raiffeisen's successes in growth and profit under his client's leadership.

Vincenz admitted mistakes on the last day of the trial, but asked for an acquittal.

His concern has always been to ensure that Raiffeisen and its holdings develop well.