GHENT, BELGIUM – Tuesday, April 7, 2026 – Jeroen Piqueur, the founder and former CEO of Optima Bank, has been convicted by the Ghent Criminal Court for a sophisticated corporate fraud scheme that siphoned an estimated €100 million from the Belgian financial institution. The verdict, delivered on March 31, 2026, culminates a years-long investigation into the spectacular collapse of Optima Bank, marking a significant victory for Belgian financial authorities.
Piqueur was found guilty of a litany of financial crimes, including misappropriation of company assets, extensive money laundering offenses, fraudulent insolvency, and multiple breaches of banking legislation. The court sentenced him to a two-year suspended prison term, a substantial fine of €400,000, and ordered the forfeiture of €4.3 million. Additionally, Piqueur faces a 10-year ban from holding certain professional positions, effectively barring him from leadership roles in the financial sector for a decade. The public prosecutor had sought a five-year prison sentence and a larger confiscation order, highlighting the gravity of the offenses.
The Charges Against Jeroen Piqueur
The intricate scheme orchestrated by Jeroen Piqueur involved the systematic siphoning of approximately €100 million from Optima Bank through a labyrinth of offshore structures. These entities were strategically located in jurisdictions known for financial opacity, including Liechtenstein, Switzerland, Luxembourg, and the Netherlands. Prosecutors detailed how Piqueur personally enriched himself through various illicit methods.
A key element of the fraud involved Piqueur’s use of the bank’s VISA card for over €500,000 in private expenses between January 2014 and May 2016. Furthermore, he created false consultancy agreements, invoicing Optima Group NV through his own management company for an ‘excessive’ monthly amount of €31,000 – or €1,000 daily – for alleged management performance. This arrangement, totaling €1.24 million between 2013 and the bank’s bankruptcy in June 2016, was designed to circumvent a ban from the National Bank of Belgium (NBB) on paying the top executive in this manner. The consultancy fees were then internally transferred through these fabricated agreements to conceal the true nature of the payments.
This conviction follows a separate 2017 conviction for large-scale tax fraud, where Piqueur failed to declare around €22 million in income and evaded €3 to €4 million in taxes between August 2007 and October 2013. This included €19.9 million in advances on a liquidation bonus from an offshore company, allegedly used to purchase a luxury yacht named Rubeccan. He utilized companies registered in the British Virgin Islands and Liechtenstein, with bank accounts in Luxembourg and Monaco, to avoid taxes and concealed his beneficial ownership behind nominees.
“Optima was described by the public prosecutor as a ‘cash cow to extract as much money as possible,’ highlighting a long history of self-enrichment.”
Scale of the Crime: A Bank’s Demise
The financial scale of Piqueur’s illicit activities is staggering. Investigators confirmed that €100 million was siphoned off from Optima Bank through the intricate web of offshore structures. The bank was ultimately declared bankrupt in June 2016, burdened with reported debts ranging between €100 million and €115 million. The public prosecutor had sought the forfeiture of €62.8 million from Piqueur, representing personal assets derived from criminal activities, with €27.7 million of that amount allegedly stemming from money laundering. The luxury yacht Rubeccan, a symbol of Piqueur’s extravagant lifestyle funded by fraud, was seized and later sold at auction for €7.6 million.
The direct victims of this corporate malfeasance extend beyond the bank itself. The bankruptcy left a massive €115 million debt, impacting creditors significantly, including staff owed €40 million in salaries and other debts totaling €74 million. The Guarantee Fund also provided an advance of €37.5 million to mitigate the fallout, underscoring the systemic impact of Piqueur’s actions.
Who Is Jeroen Piqueur?
Jeroen Piqueur is a Belgian national, once a prominent figure in the country’s financial landscape. He founded Optima Financial Planners nv in 1991, initially focusing on financial planning, estates, and pensions for high-net-worth individuals. The company expanded into real estate with Optima Global Estate nv before a significant merger in December 2011 with Ethias’ banking activities, which led to the creation of Optima Bank. Piqueur served as the CEO of Optima Bank, a position from which he allegedly orchestrated the extensive fraud that led to its downfall. His career, once marked by ambition and growth, has now culminated in a criminal conviction that tarnishes his legacy.
Investigation Details: Unraveling the Offshore Web
The investigation into Optima Bank and Jeroen Piqueur was a multi-agency effort, spearheaded by Belgium’s Special Tax Inspectorate (BBI). The BBI initiated an investigation into suspected money laundering activities as early as January 2012 with a raid on Optima, although the evidence from this initial raid was later deemed unlawful by a Ghent court in June 2013. Despite this setback, the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) harbored suspicions of suspicious transactions and money laundering since 2012. The NBB eventually filed a formal request with the European Central Bank (ECB) to revoke Optima’s banking license, signaling the depth of regulatory concern.
The fraud eventually resurfaced and was uncovered through renewed investigations prompted by media reports and further revelations following the bank’s bankruptcy in June 2016. The BBI re-opened its investigation into suspected money laundering, piecing together the complex offshore structures and false agreements used to conceal Piqueur’s illicit enrichment. The case highlights the persistent efforts required to untangle sophisticated financial fraud schemes, especially those involving cross-border offshore entities.
What Happens Next: Appeals and Lingering Questions
While Jeroen Piqueur has been sentenced, the legal saga may not be entirely over. Both the prosecution and Piqueur have the right to appeal the verdict and sentence, which could lead to further court proceedings. The public prosecutor had sought a significantly harsher penalty, including a five-year prison sentence and a larger forfeiture amount, indicating a potential appeal to increase the sentence. For now, Piqueur faces the immediate consequences of his conviction, including the professional ban and financial penalties. The bankruptcy of Optima Bank and the recovery of assets for creditors will also continue to unfold, with the Guarantee Fund having provided a substantial advance to cover some of the losses.
The case serves as a stark reminder of the vulnerabilities within the financial system and the ongoing battle against corporate malfeasance. For more insights into similar cases, readers can explore other related fraud investigations on The Financial Standard.
Protecting Yourself: Recognizing the Red Flags
The Jeroen Piqueur case offers critical lessons for investors, regulators, and the general public in identifying potential financial fraud. Several glaring red flags were present in the Optima Bank saga. The extensive use of offshore structures in jurisdictions like Liechtenstein, Switzerland, Luxembourg, and the Netherlands to channel funds is a classic indicator of potential money laundering and tax evasion. Undeclared income and assets, particularly when used for luxury purchases like yachts, should always raise suspicion. Excessive personal expenses charged to a company and the creation of false consultancy agreements for substantial, undisclosed payments are clear signs of asset misappropriation and attempts to bypass regulatory oversight. Furthermore, sustained regulatory scrutiny and warnings from bodies like the BBI, NBB, and FSMA are crucial signals that a financial institution or individual may be engaged in illicit activities. Vigilance and thorough due diligence are paramount in safeguarding against such sophisticated schemes. Always scrutinize financial arrangements involving complex offshore entities and question unusually high or opaque payments to executives.
