An Austrian court has convicted a man of murdering five family members with an ax and sentenced him to life in prison.

The 39-year-old was distraught after losing money on stock dealings when he killed his wife, their 7-year-old daughter, his parents and his father-in-law.

The man has not been identified in keeping with Austrian custom. He turned himself in after the May killings in Vienna and the northern province of Upper Austria. He said he murdered his family to spare them the shame of his financial ruin.

A court in Vienna gave the verdict and judgment Friday.