Former IMF managing director Rodrigo Rato, center, arrives at the National Court in Madrid, Spain, to answer questions over his stewardship of Spanish bank, Bankia. Former International Monetary Fund chief Rodrigo Rato was detained by police Thursday night April 16, 2015, according to media reports, after tax officials spent hours searching his apartment.

Former IMF Director Sentenced To 4.5 Years In Prison For Fraud

The former director of the International Monetary Fund was sentenced Thursday by a Spanish court to four years and six months in prison for misappropriating bank funds.