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Ex-Chairman of Spanish Bank Is Found Dead of a Gunshot Wound Ex-Chairman of Spanish Bank Is Found Dead of a Gunshot Wound
(about 7 hours later)
The former chairman of one of Spain’s largest banks was found dead of a gunshot wound on Wednesday, five months after he was sentenced to prison for fraud.The former chairman of one of Spain’s largest banks was found dead of a gunshot wound on Wednesday, five months after he was sentenced to prison for fraud.
The chairman, Miguel Blesa, 69, achieved notoriety in Spain for his lavish lifestyle and the rapid expansion of Caja Madrid, a regional savings bank that came to epitomize the excesses of the country’s construction-led economic boom. When the bust came, the government had to negotiate a European Union bailout in 2012 to save ailing lenders during the European debt crisis.The chairman, Miguel Blesa, 69, achieved notoriety in Spain for his lavish lifestyle and the rapid expansion of Caja Madrid, a regional savings bank that came to epitomize the excesses of the country’s construction-led economic boom. When the bust came, the government had to negotiate a European Union bailout in 2012 to save ailing lenders during the European debt crisis.
He was found with a gunshot to his chest in a country estate in southern Spain, a police official said. The Associated Press and Spanish news media reported that, pending the results of an autopsy, investigators were treating his death either as a suicide or an accident. Mr. Blesa was known as a keen hunter.He was found with a gunshot to his chest in a country estate in southern Spain, a police official said. The Associated Press and Spanish news media reported that, pending the results of an autopsy, investigators were treating his death either as a suicide or an accident. Mr. Blesa was known as a keen hunter.
In February, Mr. Blesa was sentenced to six years in prison for overseeing a fraudulent corporate credit card scheme while he was in charge of Caja Madrid. The lender was later part of a seven-way merger to form Bankia after Spain’s construction bubble burst in 2008.In February, Mr. Blesa was sentenced to six years in prison for overseeing a fraudulent corporate credit card scheme while he was in charge of Caja Madrid. The lender was later part of a seven-way merger to form Bankia after Spain’s construction bubble burst in 2008.
The prison sentence was being appealed, but Mr. Blesa was also scheduled to stand trial in a separate case relating to his alleged mismanagement of Caja Madrid. In 2013, he was briefly jailed over the ill-advised takeover of a Miami bank.The prison sentence was being appealed, but Mr. Blesa was also scheduled to stand trial in a separate case relating to his alleged mismanagement of Caja Madrid. In 2013, he was briefly jailed over the ill-advised takeover of a Miami bank.
Mr. Blesa, a former official in Spain’s Economy Ministry, became chairman of Caja Madrid in 1996. He held the position until 2010, when he was replaced by Rodrigo Rato, a former managing director of the International Monetary Fund. Mr. Rato led the Bankia merger. Mr. Blesa became chairman of Caja Madrid in 1996. He held the position until 2010, when he was replaced by Rodrigo Rato, a former managing director of the International Monetary Fund. Mr. Rato led the Bankia merger.
The pair were among dozens of executives sentenced for fraud in February for making unlawful credit card purchases that totaled 12.5 million euros, or about $14.4 million, over a decade.The pair were among dozens of executives sentenced for fraud in February for making unlawful credit card purchases that totaled 12.5 million euros, or about $14.4 million, over a decade.
In its February ruling, the court highlighted Mr. Blesa’s role as the architect of the fraudulent corporate credit card scheme that Mr. Rato then extended when he took over at Caja Madrid.In its February ruling, the court highlighted Mr. Blesa’s role as the architect of the fraudulent corporate credit card scheme that Mr. Rato then extended when he took over at Caja Madrid.
The cards were used for personal purchases, including clothing, restaurants and travel, as well as cash withdrawals. Some were also used to pay for golf, seats at a bullring and private parties.The cards were used for personal purchases, including clothing, restaurants and travel, as well as cash withdrawals. Some were also used to pay for golf, seats at a bullring and private parties.
At the time, the prosecution said Mr. Blesa had spent €436,700 with his corporate cards. He eventually reimbursed the amount.At the time, the prosecution said Mr. Blesa had spent €436,700 with his corporate cards. He eventually reimbursed the amount.
The court said that Mr. Rato not only benefited personally but also maintained “the same dynamic in every aspect” as Mr. Blesa in terms of rewarding people connected to the bank with such corporate cards. The court said that Mr. Rato not only benefited personally but also maintained “the same dynamic in every aspect” as Mr. Blesa in terms of rewarding people connected to the bank with cards.