Stiff prison sentences in SEB embezzlement scandal

A 39-year old man was sentenced to seven years in prison for serious fraud and accounting crimes in connection with a multi-million scheme to cheat SEB offices in Gothenburg.

The court handed the man’s 50-year old accomplice a five-year sentence for his role in the crime.

A 47-year old bank employee also received two and a half years for breach of trust.

By drawing up fake invoices for sales that never took place, the 39-year old managed to receive several hundred million kronor from SEB. The man also participated in forbidden currency exchanges between the bank’s dollar and euro accounts.

The total amount of embezzled funds varies depending on the daily exchange rates, but stood at roughly 200 million kronor at the start of the district court trial. The indictment included a figure of 176 million kronor.

The question of damages to be paid to SEB was left unsettled in the district court judgment, but will be taken up in a separate civil suit.

Despite the long prison sentences, the district court has allowed the men to be free on their own recognizance until the judgment comes into force.

In its judgment, the district court took into consideration the fact that the investigation lasted five years and also requires that both men be barred from running a business for ten years.

The prosecutor had originally asked for sentences of seven and six years, respectively, for the main suspects, and four years in prison for the bank employee.