Broker in jail for lost fund cash

NICOSIA (Reuters) – A Cypriot stockbroker was jailed for seven years yesterday on charges of squandering millions from a pension fund of the island’s electricity authority. A criminal court in the capital Nicosia found high-profile broker Yiannos Andronikou guilty of a 4.88-million-Cyprus pound ($11.9 million) discrepancy in the pension fund of the authority, known as the EAC. The apparent discrepancy at the EAC was discovered in 2004. Prosecutors said Andronikou’s company moved funds from the EAC pension account, which was a client account, to accounts of his own company. In its ruling, the court said Andronikou had not derived any personal gain in relation to the offenses. It had granted the state permission to seize assets of Andronikou’s company, Suphire Securities and Financial Services Ltd. Andronikou’s lawyers said they would appeal.