Strip-Bar Habit Worth $220,000 Hangs Over Swiss Banker on Trial
- Ex-bank boss, adviser accused of $27 million in illicit gains
- Pierin Vincenz resigned as Raiffeisen Switzerland CEO in 2015
Pierin Vincenz
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
The former head of a Swiss bank goes on trial Tuesday charged with enriching himself and others through millions of dollars in side deals and illegal expenses including racking up a 201,267 Swiss-franc ($220,000) tab at a string of cabarets, strip clubs and “contact bars.”
Pierin Vincenz, former chief executive officer of Raiffeisen Switzerland, and bank consultant Beat Stocker are accused by Zurich prosecutors of together making unlawful gains of some 25 million Swiss francs. Vincenz illegally skimmed 8.4 million francs from deals he did during his 15 year tenure as CEO, they say.