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Spanish savings bank execs jailed for misleading investors

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Spanish savings bank execs jailed for misleading investors

Spain's high court sentenced four former executives of Spanish savings bank Caja de Ahorros del Mediterraneo, or CAM, to prison for false accounting and concealing the bank's deteriorating finances, Reuters reported Oct. 17.

Roberto Lopez Abad and Maria Dolores Amoros, former managing directors, will serve a sentence of three years. Planning and control manager Teofilo Sogorb and risk manager Jose Martinez Garcia were sentenced to, respectively, four years and two years and nine months, the newswire said.

They were convicted of misinforming investors about the bank's health during Spain's banking crisis in order to protect their bonuses, according to Reuters.

Banco de Sabadell SA acquired the savings bank in 2011.