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Romanian Ex-Fund Manager Maria Vlas Sentenced To Eight Yrs In Prison- Court

The Bucharest Court of Appeals on Wednesday upheld a lower court ruling that previously sentenced Ioana Maria Vlas to eight years in prison in the collapse of the National Accumulation Fund, or FNA, but the decision of the appeals court can be challenged.
Romanian Ex-Fund Manager Maria Vlas Sentenced To Eight Yrs In Prison- Court
03 iun. 2009, 14:43, English

The appeals court also upheld the lower court ruling that previously sentenced defendant Nicolae Popa to 12 years in prison, while for Gavril Batran, the same court sentenced  him to two-year suspended prison term.
 
On June 6, 2008, Vlas, Popa and companies SOV Invest and Gelsor were sentenced by the Bucharest Court to pay about 60,000 lei (EUR1=RON4.1928) to investors in the bankrupt fund.
 
In the same case, Vlas, the fund’s administrator, was sentenced to eight years in prison for fraud. The court also noted that the charge of forgery falls under the statute of limitations. The court withdrew some of Vlas’ rights for a five-year period after she serves her sentence. It also subtracted the nearly five years she already spent in custody.
 
Popa was sentenced to 12 years in prison for accessory to fraud and his rights were lifted for seven years.
 
The National Accumulation Fund was launched in January 1999 by SOV Invest, which managed the National Investment Fund (FNI) and halted activity in May 2000 after FNI collapsed.