STOCKHOLM, Sweden (AP) ? A former top executive at Swedish insurer Skandia last week was sentenced to two years in prison for fraud, but was acquitted of bribery charges, court officials said.

Ola Ramstedt, a former deputy chief executive at the Swedish insurer, was found guilty of making the company pay more than 17 million kronor ($2.4 million) to renovate nine apartments belonging to fellow executives or their relatives.

The Stockholm District Court ruled that Ramstedt deliberately filed a false invoice to make it look like the money had been used to renovate Skandia's main office in downtown Stockholm.

However, it acquitted Ramstedt of charges that he had bribed construction managers to keep quiet about the false invoice.

Ramstedt pleaded innocent to all charges, telling the court that he had mistakenly filed an incorrect invoice, but had not deliberately committed fraud. It was not immediately clear whether he would appeal the verdict.

Ramstedt is the second former Skandia executive to be sentenced to prison following a three-year investigation involving alleged wrongdoing by the top management at the 150-year-old insurance company.

In May, former Chief Executive Lars-Eric Petersson was sentenced to two years in prison for handing out 156 million kronor ($22 million) in bonuses to company executives without board approval. Petersson has appealed the sentence.

Petersson and Ulf Spang, another former top executive at Skandia, have since also been charged with tax evasion.

Skandia is now owned by South African financial services company Old Mutual PLC.