Ex-IMF chief Rato handed 4.5 years in jail for embezzlement

Madrid: Former IMF chief Rodrigo Rato was handed a jail sentence of four years and six months on Thursday for misusing funds when he was the boss of two Spanish banks.

Spain's National Court, which deals with corruption and financial crime cases, said he had been found guilty of "embezzlement" when he headed up Caja Madrid and Bankia, at a time when both groups were having difficulties.