Structured bond scandal defendants released pending appeal

Thirteen people, among them stockbrokers, finance executives, bank officials and pension fund managers, who were handed stiff prison sentences on Thursday for their involvement in a structured bond scandal, have appealed their jail sentences and been released.

The case involved the sale of 280 million euros in structured bonds that led to the funds paying about 200 million euros over the odds for the paper.

The criminal appeals court in Athens handed 25-year sentences to Theodoros Prioniotakis and Giorgos Apostolidis of the Acropolis brokerage firm, Haris Adamopoulos and Avraam Savidis of JP Morgan bank and Giorgos Papamarkakis of North Asset Management.

Five managers of state-run pension funds — Agapios Simaioforidis of TAYPED, Panagiota Karadima of TEADY, Panagiotis AsKaradimas of TEAYFE, Gerasimos Konidiaris of TSEYP and Constantinos Christidis of TEAOPEKA – were given 20-years in prison, while Nikos Bougos of HypoVereinsbank received a 15-year sentence.

Two accountants, Angelos and Dimitris Liatis, were given five-year terms.

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