BAWAG Indictments Handed Down In Austria

Law360, New York (October 26, 2006, 12:00 AM EDT) -- Vienna prosecutors have indicted the former chief executive officer of BAWAG PSK, along with eight other executives, in connection to the alleged mishandling of funds that led to billions of euros in losses for the Austrian bank and contributed to Refco Inc.’s collapse.

On Wednesday, the indictment against the group became public, revealing that officials had filed embezzlement and fraud charges with an investigatory magistrate, the Wall Street Journal reported.

Helmut Elsner, the former CEO of BAWAG, topped the defendant list, along with Wolfgang Floettl, who...
To view the full article, register now.