Former Porsche CFO Convicted of Loan Fraud

A German court has found Holger Haerter, former CFO of Porsche Automobil Holding SE, guilty of credit fraud and fined him €630,000 ($820,000).

The judge ruled that Haerter lied to bankers about the number of options on Volkswagen AG shares Porsche owned when it was refinancing a €10 billion ($13 billion) loan in 2009. At the time, the holding company was secretly amassing options to increase its VW stake to 75%.

Haerter says he will appeal the verdict.

The ruling was the first criminal finding against Porsche executives in a string of legal proceedings related to the company's failed attempt to take over VW. Prosecutors have accused Haerter and former CEO Wendelin Wiedeking of market manipulation in connection with the options scheme.

Porsche also faces civil lawsuits in Germany from VW investors in Europe and the U.S. who seek about €5.5 billion ($7.2 billion) in damages for their losses when the options scheme was revealed.