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Germany: Gavel falls on ex-Porsche CFO

 |  June 5, 2013

The former finance chief of luxury sports car company Porsche has been convicted of fraud and issued a fine for actions made during the company’s failed move to buy Volkswagen AG in 2009. According to reports, Former CFO Holger Haerter was convicted on Tuesday by a Stuttgart court of market manipulation, along with Porsche’s former CEO Wendelin Weideking concerning the unsuccessful buyout; VW eventually bought out Porsche. Haerter has also been found guilty of misleading authorities when refinancing a loan. Prosecutors were looking for a sentencing that included jail time.

Full Content: Associated Press

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