The CEO of Santander – the Eurozone’s biggest bank – Alfredo Sáenz has been fined, sentenced to a suspended eight-month prison term and banned from banking by the Spanish supreme court, according to Dealbook.Sáenz was charged with fraud and making false claims while he was president of Spanish lender Banesto – a bank that is now majority owned by Santander – in the 90s.
The case actually began back in 1994. Saenz sued four businessmen in an attempt to recoup about $5 million (3.8 million euros) worth of loans made by Banesto, even though he allegedly knew they were innocent.
And three of those men were jailed because of the lawsuit.
Luckily they were later exonerated, while the judge who imprisoned them was banned from the judiciary.
Sáenz reportedly plans to appeal the ruling and has “no immediate plans to step down,” though obviously the ban means he has no choice but to do so. Oof.
Business Insider Emails & Alerts
Site highlights each day to your inbox.