The head of the bank, François Reyl, also received a one-year suspended prison sentence and a €500,000 fine.
France’s National Financial Prosecutor’s Office proposed the sentences under a preliminary acknowledgement of guilt – a French-style plea bargain; a court judge approved them.
The procedure dates back to 2013. At the time investigations were underway into former French Budget Minister Jerôme Cahuzac who was found guilty in 2016 of hiding undeclared funds in Switzerland. Cahuzac was sentenced to a three-year jail term. Reyl bank was fined €1.8 million, and its director was given a one-year suspended prison sentence and a €375,000 fine.
An eighth undeclared account was investigated, belonging to Alexandre Allard, an entrepreneur and former owner of the luxury Parisian hotel Royal Monceau. On Tuesday, the Paris court sentenced him to a one-year suspended prison term and a fine of €2 million.
Philippe Houman, a former financial adviser, was also sentenced to a one-year suspended prison term and a €375,000 fine in the Cahuzac trial. On Tuesday, he was accused of creating companies and opening bank accounts for seven other clients. He received a one-year suspended sentence and a €500,000 fine.
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