João Rendeiro, the former president of Banco Privado Português, has been sentenced to five years in prison but, of course, will not spend a single night in jail as his sentence was suspended.
The former bank executive’s must pay €400,000 to Associação Crescer, or he will be jailed. Other BPP managers also received suspended prison sentences despite participating in a scheme that left their customers €41 million worse off.
João Rendeiro was the founder of Banco Privado Português and now has been found guilty of computer fraud, falsification and document fraud.
The former BPP leader was ordered to pay the money to Associação Crescer, an association launched in 2001 which aims to ensure the inclusion of people in situations of vulnerability.
Rendeiro and other bank staff were accused of crimes committed between 2001 and 2008 which aimed to ensure that they remain in power at the bank that was closed by the Bank of Portugal in 2010.
Director, Paulo Guichard, was sentenced to four years and three months imprisonment, suspended as long as he pays €25,000 to the Centro Social dos Anjos.
Salvador Fezas Vital, another director, was sentenced to a prison term of three and a half years, also suspended as long as he pays €15,000 to Cáritas de Lisboa.
Paulo Lopes, also on the BPP board of directors, was sentenced to one year and nine months, suspended, while Fernando Lima was sentenced to one year for false information and has to pay fine of just €5,400.
On 11 February 2013, João Rendeiro, Fezas Vital and Paul Guichard were charged by the Public Ministry with fraud for a Collective investment scheme that ripped-off hundreds of clients to the tune of €41 million euros.
In May 2015, assets owned by João Rendeiro were seized to pay a €4.7 million fine issued by the Bank of Portugal.
João Rendeiro’s lawyer, says that she will analyze Monday's judgment and decide if she will appeal on behalf of her client who whiles away his time in a luxury apartment at Quinta Patiño in Cascais.
The Judge, Emília Costa, did not accord to a request from the Public Prosecutor's Office for between seven and nine years in jail for Rendeiro and between six and eight years for Guichard and Fezas Vital.
João Rendeiro
