Levenstein gets 15 years - appeal expected
Former chief executive and chairman of the collapsed Regal Bank, Jeff Levenstein, was yesterday sentenced to an effective 15 years in prison for six counts of fraud and two contraventions of the Companies Act, says Business Report.
He is expected to apply for leave to appeal to the SCA against his conviction and sentence. The South Gauteng High Court found that Levenstein manipulated the share price of the bank in order to make it attractive to investors. The bank collapsed in June 2001 when it was placed under curatorship and ultimately liquidated. Full report in Business Report