Art Theft

Banker Jailed and Fined $58 Million for Smuggling Picasso Painting From Spain

Jaime Botin is the former chairman of Bankinter

Pablo Picasso's "Head of a Young Woman"
Photo by French Customs Office/Anadolu Agency/Getty Images

A former bank president who smuggled a Pablo Picasso painting out of Spain after it was deemed a national artistic treasure has been sentenced to 18 months in prison.

Jaime Botin, 83, was also fined $58 million and ownership of “Head of Young Woman” — which is valued at $26 million — was also transferred from him to the Spanish state in the ruling by judges at Madrid’s High Court released on Thursday.

Botin, the former chairman of Bankinter and uncle to Ana Botin, who serves as chairman of the powerful Santander banking group, had denied the charges and the verdict can be appealed. 

For the full story, go to NBC News.

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