FT briefing: Italian insider trading scandal

by James Fontanella
December 16 2005

Arrest orders issued by investigative magistrates from Milan’s court of justice, obtained by the FT, accuse Gianpiero Fiorani, former president of Banca Popolare Italiana (Bpi), of criminal association related to financial fraud.

Together with Mr Fiorani, four other people have been charged: Gianfranco Boni, Financial director of Bpi; Silvano Spinelli, external consultant and former BPI manager; Paolo Marmont du Haut Champ, advisor to Bipielle Suisse; and Fabio Conti advisor to Bipielle Suisse.

The arrest orders contain revelations made by the suspects during preliminary interrogations as well as information obtained by the magistrates.

The investigation focuses on suspected irregularities concerning BPI’s takeover bid for Banca Antonveneta, and numerous other suspect transactions allegedly overseen by Mr Fiorani, other BPI executives and investors close to Mr Fiorani.

In addition, the magistrates are looking at the role played by Antonio Fazio, governor of the Bank of Italy, in alleged insider trading conducted by the suspects. On Friday, sources at the Milan courthouse said Mr Fazio was under criminal investigation for the alleged insider trading...

Labels: insider trading