The governor of the Bank of Italy Antonio Fazio has been sentenced to four years in prison and five of disqualification from holding public office by a court in Milan. The judges considered evidence that Fazio made in 2005 a crime of insider trading when he was at stake the disputed sale of Antonveneta Italian credit institution.
Fazio, who favored the prosecution by the People's Bank of Lodi (now BPI) against the interests of Dutch ABN Amro institute must pay 1.5 million euros in compensation. The first governor of the Bank of Italy to receive a criminal conviction was replaced because of the scandal by Mario Draghi, the next director of the European Central Bank.
Fazio punishment inflicted by the judges of the Criminal Section II of Milan is harder than the three year prison sentence sought by prosecutors. With the former governor also had been convicted the former president of Unipol, Giovanni Consorte (three years' imprisonment and fined one million), the People's Senator Luigi Grillo Freedom (two years and eight months), and former CEO of BPI, Giampiero Fiorani, and this, after having pleaded guilty and have agreed a term of three years and three months, has now been sentenced to another 20 months in prison.
The only acquitted of the 17 defendants (many of which they agreed their sentences before trial) is Francesco Frasca, then head of the supervisory board of the Bank of Italy. The failed purchase of the Venetian Antonveneta by the BPI came to light in January 2005 when the Bank of Lodi announced that it had exceeded the 2% share capital of a bank that ABN was the largest shareholder.
A month later, BPI received permission from the Bank of Italy to acquire the 15% and later 29.9%, while the Dutch group refused permission to buy shares. After recourse to the regulator and the civil courts, ABN launched his bid to 25 euros per share, but the BPL replied with a counter offer of 26 euros.
During this fight to the death, the Governor Fazio's phone was intercepted by the judges, and one night was caught telling Fiorani, the chief executive of BPI, Bank of Italy that would allow its takeover bid. "I would kiss on the forehead," Fiorani said. Fazio's lawyers have described the ruling as "unjust", and announced that the resort and "will be revised." Known for his great piety and closeness to the Holy See (one of his daughters is a member of the Legionaries of Christ), Fazio always tried to promote the 'Italian' of national banks.
Also in 2005, the governor put obstacles to BBVA, which had allied with Generali and Diego della Valle, in the context of a takeover bid from Banca Nazionale del Lavoro, the fifth Italian bank at the time. The case was not as resounding as that of Antonveneta, but Italian media said Fazio encouraged the insurer Unipol Bolognese to partner with Monte Paschi Siena to halt the escalation of BBVA.
Mid-trip, Generali switched sides and Spanish bank opted to sell their shares to 500 million of capital gains. 
Fazio, who favored the prosecution by the People's Bank of Lodi (now BPI) against the interests of Dutch ABN Amro institute must pay 1.5 million euros in compensation. The first governor of the Bank of Italy to receive a criminal conviction was replaced because of the scandal by Mario Draghi, the next director of the European Central Bank.
Fazio punishment inflicted by the judges of the Criminal Section II of Milan is harder than the three year prison sentence sought by prosecutors. With the former governor also had been convicted the former president of Unipol, Giovanni Consorte (three years' imprisonment and fined one million), the People's Senator Luigi Grillo Freedom (two years and eight months), and former CEO of BPI, Giampiero Fiorani, and this, after having pleaded guilty and have agreed a term of three years and three months, has now been sentenced to another 20 months in prison.
The only acquitted of the 17 defendants (many of which they agreed their sentences before trial) is Francesco Frasca, then head of the supervisory board of the Bank of Italy. The failed purchase of the Venetian Antonveneta by the BPI came to light in January 2005 when the Bank of Lodi announced that it had exceeded the 2% share capital of a bank that ABN was the largest shareholder.
A month later, BPI received permission from the Bank of Italy to acquire the 15% and later 29.9%, while the Dutch group refused permission to buy shares. After recourse to the regulator and the civil courts, ABN launched his bid to 25 euros per share, but the BPL replied with a counter offer of 26 euros.
During this fight to the death, the Governor Fazio's phone was intercepted by the judges, and one night was caught telling Fiorani, the chief executive of BPI, Bank of Italy that would allow its takeover bid. "I would kiss on the forehead," Fiorani said. Fazio's lawyers have described the ruling as "unjust", and announced that the resort and "will be revised." Known for his great piety and closeness to the Holy See (one of his daughters is a member of the Legionaries of Christ), Fazio always tried to promote the 'Italian' of national banks.
Also in 2005, the governor put obstacles to BBVA, which had allied with Generali and Diego della Valle, in the context of a takeover bid from Banca Nazionale del Lavoro, the fifth Italian bank at the time. The case was not as resounding as that of Antonveneta, but Italian media said Fazio encouraged the insurer Unipol Bolognese to partner with Monte Paschi Siena to halt the escalation of BBVA.
Mid-trip, Generali switched sides and Spanish bank opted to sell their shares to 500 million of capital gains.
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