Overview

• Rodrigo Rato, ex-IMF chief and former Spanish economy minister, was sentenced to four years, nine months, and one day in prison for tax crimes, money laundering, and corruption.
• The court found Rato guilty of defrauding Spanish tax authorities of 8.5 million euros between 2005 and 2015, among other offenses.
• Rato was also fined over two million euros but can appeal the decision to the Spanish Supreme Court, delaying immediate imprisonment.
• This is Rato's second conviction; he previously served two years for misusing Bankia credit cards for personal expenses during his tenure as chairman of the bank.
• The Bankia scandal, which unfolded during Spain's economic crisis, remains a symbol of financial mismanagement, with the government later bailing out the bank for 22 billion euros.