The former German property tycoon, Juergen Schneider, has been sentenced to more than six years in jail by a court in Frankfurt -- he was found guilty of fraud. His property empire collapsed in 1994 with debts of almost $3bn. From Frankfurt here's our Europe business correspondent, Jonathan Charles:

The 63 year old former property magnate was a flamboyant character. During the good times, Juergen Scheider enjoyed living the high life in a large mansion on the outskirts of Frankfurt.

After German unification in 1990, Scheider seized the opportunity to invest in what used to be the Communist eastern half of the country: he built shopping centres and renovated dilapidated buildings. His schemes dazzled Germany's big banks and he persuaded them to lend him a fortune -- but when business turned bad in the 1994 recession, he was exposed as a fraud; his property empire collapsed, owing the banks $2.8bn dollars.

Schneider had obtained massive loans by overstating the rental income he expected to earn on his properties. He fled to America to avoid prosecution but was later arrested.

At his Frankfurt trial, he pleaded guilty but asked for leniency. He told the court he'd like nothing better than to spend Christmas at home with his family eating goose.

After protracted legal argument today, the judge agreed -- but sentenced Schneider to six years and nine months in prison, the term to begin as soon as Christmas is over. In a country which often lacks colour and entrepreneurial flair, Schneider had seemed the exception.

But now his golden touch has been revealed as nothing more than an illusion.
 

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