The former Head of the International Monetary Fund Rodrigo Rato was sentenced to 4.5 years in prison under the Spanish court ruling, the BBC reports.

The court found Rato guilty of embezzling the money entrusted to him during his service at the post of President of Bankia financial group from 2010 to 2012.

The criminal proceeding into fraud at the Bankia group began last year. The case involves 66 people, including Rato. According to the investigation, the accused have spent more than 12 million Euros on credit cards for personal needs.

Rodrigo Rato headed the International Monetary Fund from 2004 till 2007. Prior to that, from 1994 to 2004, he occupied the post of Deputy Prime Minister of the Spanish Government.

Photo: Internet