The case, heard in Palma, sullied the reputation of the royal household and became a symbol of the elite's perceived corruption. "It was no surprise to me that the princess was acquitted, I expected that, but the six years for her husband, that's not much is it".
The trial centered on accusations that Urdangarin used his former title, the Duke of Palma, to embezzle about 6 million euros ($6.6 million) in public funds for the nonprofit Noos Institute.
The panel of judges determined that Cristina, one of eighteen defendants in the year-long trial, will pay more than $280,000 in fines as a civil responsibility since she directly benefited from the fraud.
Friday's court decision saw Torres sentenced to eight years in prison and fined 1.7 million euros, while Jaume Matas, the former president of the Balearic Islands, was given a three year and eight month sentence for perversion of justice and fraud and banned from holding public office for seven years. Princess Cristina was the first royal to face criminal charges in Spain's modern history.
King Juan Carlos, the father of Princess Cristina, abdicated after 40 years on the throne in favour of Felipe, his youngest son, in 2014.
The decision, which can be appealed to the Supreme Court, came after a year-long trial that was seen as a test of whether Spain's rich and powerful were accountable to the law.
The Statistics Don't Lie: Cisco Systems, Inc. (NASDAQ:CSCO) Earnings Screen
Following the transaction, the senior vice president now directly owns 183,275 shares in the company, valued at $5,573,392.75. Cisco's share price has very limited upside potential from here considering a muted outlook for the third quarter of FY2017.
The Spanish royal family has been under scrutiny in recent years for its lavish lifestyle while much of the rest of the country was undergoing economic hardship.
The institute organized conferences and sports-related events and was run by Urdangarin and a partner, Diego Torres.
Among the companies they used was Aizoon, a real estate consulting company jointly owned by Cristina and Urdangarin.
The couple, who have lived in Switzerland with their four children since 2013, have always denied any wrongdoing.
"If we believed in the judicial system when the princess was made to sit in the dock, I think citizens can trust in it when she's absolved", Roca told reporters in Barcelona.