Former Banking CEO Who Spent $220,000 At Strip Clubs Says It Was A Business Expense

A former banking CEO who spent around $220,000 at strip clubs is saying that the expenses were part of business trips. 

Pierin Vincenz, the former head of the bank Raiffeisen Switzerland, is currently in trial for a fraud case. 

Former Banking CEO

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Pierin, who was once awarded as the banker of the year award, spent a lot of money in strip clubs, but before we talk about the big things, let’s talk about how he spent the money of the bank. 

The former CEO said that he spent $780 on a date with a woman that he met on Tinder because he wanted to hire her for a real estate job. 

A Swiss court heard that “Vincenz, 65, ran up a $4,500 (£3,356) hotel bill that included repairs to the room after he and the stripper he was dating had a “massive” fight that trashed the room.”

According to a report by Reuters, his former company also said that he spent around $30,000 of company money in order to take a holiday in Mallorca, where he went to a cooking club. 

Right now, the former CEO is one of the 7 top bankers that are on trial in Zurich for enrichments, fraud, and mismanagement. 

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Former Banking CEO Who Spent $220,000 At Strip Clubs Says It Was A Business Expense

He is also being alleged of using his position to make side deals between the bank and other parties between 2006 and 2017. 

During the trial, he stood in front of the judges and said that some of the bills were expensed by mistake and were mainly business costs. 

The former banking CEO told the court: 

With regard to (visits) to bars and nightclubs, I fully stand by that these were justified by business. There are individual invoices that appeared on the tab with regard to business trips, which (should have been) private, but on the whole these were justified by my business activity.

In his last statement before the court hearing on Tuesday, the former banker said that he does not have the feeling that he has broken the law in any way.

He explained: 

“I didn’t have the feeling I had done anything criminal here.”

It is also said that the man tried to write off $4,600 at Zurich’s Egoist cabaret strip club and $10,000 at the Red Lips club. 

Right now, prosecutors in the country want him and 7 other bankers to pay restitution of $77 million USD.

They also want each one of them to serve 6 years in prison. 

All the 7 bankers are currently denying the allegations that have been charged against their names. 

What are your thoughts on the banker spending $220,000 at strip clubs? Let us know what your thoughts are by leaving a comment in the comments section below!

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