Santander CEO Gets Break

November 26, 2011

MADRID—Spain's departing Socialist government said Friday that it has granted a partial pardon to Banco Santander SA Chief Executive Alfredo Saenz, commuting a three-month prison sentence and a temporary ban from working as a banker to the "maximum possible fine" instead.

The case dates back to 1994, when Mr. Saenz was head of Banco Español de Crédito SA, or Banesto. He was found guilty by a Barcelona-based court in 2009 of making false criminal accusations. The court imposed a prison sentence of six months and...

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