Business

Romanian mogul gets 10 years in prison for fraud

By Washington Examiner
Published August 8, 2014 2:04pm ET
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Romanian mogul gets 10 years in prison for fraud
This photo taken Tuesday, Aug. 5, 2014, shows Dan Voiculescu, a Romanian media mogul, addressing the media, after exiting the Appeal Court's building in Bucharest, Romania. The court sentenced Voiculescu, who resigned as a senator in 2013, on Friday, Aug. 8, 2014, to ten years in jail for money laundering and using his political influence to buy the Romanian Food Research Institute for 100,000 euros ($135,000) _ a fraction of its estimated value of 7.7 million euros ($10.3 million). (AP Photo/Octav Ganea, Mediafax) ROMANIA OUT | Octav Ganea

BUCHAREST, Romania (AP) — A Romanian court on Friday sentenced a media mogul to 10 years in prison for money laundering and fraudulently privatizing an agricultural institute. Six others also got prison sentences for the 2003 sale.

The Bucharest Appeals Court sentenced Dan Voiculescu for using his political influence to buy the Food Research Institute for 100,000 euros ($135,000) — a fraction of its estimated value of 7.7 million euros ($10.3 million). The court also ordered the confiscation of property, television studios and land belonging to his Antena media group to cover damages. In addition, his family was ordered to pay 1.3 million euros ($1.75 million) in restitution.

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