By Reuters Staff
(Adds comment from lawyer)
ZURICH, April 23 (Reuters) - German financier Florian Homm was convicted by a Swiss court on Friday of breach of trust and multiple forgery of documents in a fraud case that had led to millions of dollars in losses for investors.
The 61-year-old former hedge fund manager was convicted in absentia and sentenced to 36 months in jail, of which half was suspended, the court said.
Authorities had accused Homm of orchestrating a market manipulation scheme to artificially improve the performance of his funds, a fraud that led to at least $170 million in losses for investors.
By Reuters Staff
(Adds details, background)
BERLIN, April 21 (Reuters) - Germany’s constitutional court paved the way on Wednesday for the country to sign off legislation ratifying the European Union’s Recovery Fund as it dismissed legal challenges against the debt-financed investment plan.
The decision is essential for launching the bloc’s 750 billion euro ($900 billion) recovery spending to mitigate the consequences of the COVID-19 pandemic.
“The drawbacks resulting from not approving the provisional measure and the law later turning out to be unconstitutional are smaller than the consequences of approving the measure and the constitutional challenge later turning out to be unfounded,” the court said in a statement.