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Four banks found guilty of fraud

Milan, Dec 28 : An Italian judge found four international banks guilty of fraud in a case involving the sale of derivatives to the city of Milan and ordered the confiscation of 88 million euros, about $117 million.

Judge Oscar Magi convicted Deutsche Bank, UBS, JPMorgan and Depfa Bank, as well as nine current and former bankers. In Italy, institutions may be held responsible as well individuals. The individuals received suspended sentences of six months to eight months.

The banks have denied wrongdoing.

Prosecutors alleged that the city of Milan lost 105 million euros as part of the sale of bonds totaling 1.69 billion euros between 2005 and 2007.

Prosecutor Alfredo Robledo said the verdict recognized the importance of “the fundamental principal of transparency on the part of banks in contracts with public administrations.”

Ends
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