An Athens appeals court on Tuesday cleared 11 people in connection with the 2007 structured bond scandal while convicting two members of an Athens brokerage firm. Among the 11 who were cleared was JP Morgan’s Harry Adamopoulos.
The court upheld the appeals of the 11 – chiefly pension fund managers and investment bankers – against suspended terms they were given four years ago for mediating in connection with the sale of the 280-million-euro bond.
However, the court found Giorgos Apostolidis and Theodoros Priniotakis of the Acropolis brokerage house guilty of money laundering and issuing fake invoices.
They were given eight-year and four-year prison sentences respectively.
Originally all 13 suspects had been convicted and sentenced to prison terms ranging from 15 to 25 years.