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Former VBS CFO Sentenced To 7 Years In Prison For Fraud

Former VBS bank chief financial officer Phillip Truter has been sentenced to an ‘effective’ 7 years in prison after pleading guilty to fraud, corruption, money laundering and racketeering.

Truter, who is the eighth accused in the VBS Mutual Bank fraud case, appeared in the Commercial Crime Court in Gauteng on Wednesday.

The court accepted the sentence and plea agreement. He has also agreed to testify against the other accused who are expected in the same court on Thursday.