Madrid - Spain's National Court on Thursday handed out prison sentences ranging from three to 11 years in one of the country's biggest financial scandals, in which 4,000 investors were swindled out of nearly 90 million euros (140 million dollars). Antonio Camacho, head of the brokerage house Gescartera, was sentenced to 11 years for embezzlement and falsifying documents.
Seven other people were also handed prison sentences while six were acquitted.
The La Caixa and Caja Madrid banks were found to have a subsidiary responsibility for the disappearance of the funds, and will need to help to compensate investors.
The money has still not been recovered after more than six years of investigations.
The scandal prompted the resignation of the then chairwoman of the national stock market watchdog CNMV when it broke in 2001.
It also affected then conservative prime minister Jose Maria Aznar's government, provoking the resignation of a senior official, whose sister helped to run Gescartera. The sister was sentenced to 3.5 years.
