The losses were made in a series of failed bets since 1998 using risky derivative investments held in off-balance sheet vehicles. They surfaced only in 2006 in U.S. investigations into the bankruptcy of U.S. futures trader Refco Inc, a BAWAG affiliate.

Helmut Elsner, BAWAG’s former chief executive, was found guilty of breach of trust, fraud and false accounting and was sentenced to nine and a half years in prison by Judge Claudia Bandion-Ortner and her three co-judges.

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