Ioana Maria Vlas was convicted to eight years in prison in the FNA file, the Appeal Court of Bucharest decided, yet the sentence is not definitive, according to Realitatea TV. The Court of Bucharest sentenced her to eight years of prison for aggravated continuous fraud in the National Accumulation Fund (FNA) file, and to the payment of damages to investors. Moreover, the Court convicted Nicolae Popa to 12 years of prison and to military relegation for complicity to aggravated continuous fraud. As for Gavril Batran, the Court decided his aquittal in the charges of fraud and forgery in writings under private signature.
In this file, Vlas is charged of fraud because, during April 1 – December 1, 1999 and March 1 – April 20, 2000, as President of SOV Invest, she allegedly committed fraud against 13,200 FNA investors, whom she is said to have caused prejudice of over RON 25 billion. Vlas allegedly wrote and signed, during the time periods mentioned above, 28 fictitious reports referring to the value of the fund unit, values she communicated to the National Committee of Transferable Securities (CNVM) and to investors, by publishing them in the media.