Austrian court finds former property tycoon Benko guilty of fraud

An Austrian court found former property billionaire Rene Benko guilty of one count of insolvency-related fraud on Wednesday, his first criminal conviction related to the collapse of his real estate group Signa, but cleared him on a second count.

The court in his home city of Innsbruck handed him a sentence of two years in prison over a 300,000 euro ($348,600) transfer to his mother, ruling that it was an attempt to keep it from creditors. ($1 = 0.8606 euros)