An Austrian Bank Scion Is Arrested On
Fraud
Julius Meinl V, the scion of a Viennese business dynasty whose
name has been infamous since the days of the Hapsburgs, has been
jailed on suspicion of fraud. Julius Meinl V, a banker in Vienna, is
accused of a $3 billion Euro 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 to
Israel. 6
