Austrian Bank Scion Is Accused of Fraud | WHAT REALLY HAPPENED


Austrian Bank Scion Is Accused of Fraud

Prosecutors accused Mr. Meinl of artificially bolstering shares of the real estate company Meinl European Land on the Vienna stock exchange, even as its investments in real estate across Eastern and Central Europe cratered.

Mr. Meinl was able to raise bail of 100 million euros ($135 million), and was released Friday morning. Although formal charges have not yet been brought, prosecutors feared Mr. Meinl might flee because he holds dual Austrian and British citizenship and because he owns a Falcon jet that he flies himself.

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