Two people have been jailed for fraud by judges in Rotterdam, following the trial of seven people for their roles in the near-collapse of Dutch housing corporation Vestia.
Treasurer Marcel de Vries, who was responsible for the derivatives portfolio, was jailed for 36 months. The court ruled he had been bribed to the tune of almost €10 million over eight years. De Vries was also found guilty of fraud and money laundering.
Derivatives trader Arjan Greeven, who earned tens of thousands in commission on the deals, was jailed for 30 months, well below the 57 months demanded by the public prosecution department.
Vestia came close to bankruptcy in 2012 as a result of speculating in high-risk derivatives and made total losses estimated at €2 billion. The corporation was once the largest social landlord in the Netherlands, with 900,000 homes at its disposal.
Four other defendants in the case, including Greven’s ex-wife and his father, were found not guilty of money laundering. Two other defendants were given community service and suspended sentences for their role in the scandal.
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