Parmalat founder given 18-year jail term over fraud (BBC)

[eppur_se_muova]

The founder and former chief executive of Italian food conglomerate Parmalat has been sentenced to 18 years in jail for his role in a fraud at the firm.

Calisto Tanzi was convicted of criminal association and fraudulent bankruptcy.

A court also ordered former Parmalat executives to pay the firm 2bn euros (£2.7bn; £1.7bn) and reimburse thousands of defrauded investors.

Parmalat collapsed in 2003 with a 14bn-euro hole in its accounts in what was Europe's biggest bankruptcy.
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Current Parmalat management and investors took legal action against several banks, including Bank of America and Citigroup, for their role in its collapse. Parmalat has recouped more than 2bn euros in settlements.
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more: http://www.bbc.co.uk/news/business-11958133

[Arctic Dave]

1. 18 years, maybe that will get their attention in the ivory towers.