Ex-Commerzbank exec avoids further prison time

A former Commerzbank executive avoided further prison time on Tuesday after cooperating in an investigation of the bank's role in an accounting fraud at Olympus.

Reuters reports that Chan Ming Fon, 52, was sentenced by U.S. District Judge Laura Taylor Swain in Manhattan to time served after cooperating in a probe of Commerzbank that resulted in part of its $1.45bn settlement with U.S. authorities in March.

Swain cited the 'substantial assistance' Chan provided authorities following his 2013 guilty plea to engaging in a wire fraud conspiracy. Chan, who spent nine months in jail after his arrest in 2012, was also ordered to forfeit $13m.

To access the complete Reuters article hit the link below:

Ex-Commerzbank executive gets time served for Olympus fraud role

Barclays axes CEO Jenkins to accelerate strategic change

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News