German businessman Thomas Middelhoff, former CEO of media powerhouse Bertelsmann, was convicted of embezzlement and tax evasion in Germany Friday, according to a Reuters report.
The judge expressed concern that Middelhoff might flee and ordered that police transport the executive to jail immediately to begin a three-year sentence.
Middelhoff, who also ran retailer Arcandor, became a symbol of excessive executive spending in Germany. The media mogul traveled by private jet more than 600 times during his tenure at Arcandor and charged his employer for two-thirds of those flights. He also billed his employer tens of thousands of Euros for private helicopter flights unrelated to business. His sentencing marks a steep fall for a man who was once one of Germany’s most visible business leaders.
[Reuters]
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- The Revolution of Yulia Navalnaya
- 6 Compliments That Land Every Time
- What's the Deal With the Bitcoin Halving?
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Justin Worland at justin.worland@time.com