ITALY does it again: Banks convicted for fraud to the City of Milan (derivatives)

At Deutsche Bank, UBS, JP Morgan and Depfa Bank was imposed a fine of one million euro each, were also confiscated a total of 88 million to the four institutions. Robledo: "Judgment of history." [/b
Punished one of the financial mechanisms that triggered the global crisis

Milan judge Oscar Magi sentenced him to a fine four banks - Deutsche Bank, UBS, JP Morgan and Depfa Bank - for alleged fraud 100 million on derivatives entered into by the City of Milan in 2005. This concludes one of the first processes at the international level with the center derivatives. For the prosecutor Alfredo Robledo, the judgment of Today "historical" and "recognizes the duty of transparency on the part of the banks." Also because the derivatives are one of the causes that blew up the global financial crisis: a tool to minimize the risks, have been turned into tools that have exposed companies, governments and public entities to risks greatly exceed their capital. "Italy - added Robledo - has been a land of raids on banks. Instead England derivatives were prohibited."

The four foreign banks involved are JP Morgan, UBS, Deutsche Bank and Depfa Bank. Institutions were convicted of violating the law 231 of 2001, the one that has the administrative responsibility of companies for crimes committed by their employees. The judge also sentenced nine officials and former officials of the banks. The single judge sentenced him to a fine of one million euro each, the four banks charged to the process to which they were confiscated a total of 88 million euro profit as the offenses: € 23,960,433 for Depfa Bank, 24,342,232 euro Deutsche Bank, JP Morgan and 24,785,301 euro to 16,584,669 euro for UBS.

Nine convictions of many defendants: Marco Santarcangelo Education and Antonia were sentenced to 8 months and 15 days in jail and a fine of € 90 each; Thomas Zibordi to 7 months and 15 days and 80 euro fine, Gaetano Bassolino to 7 months and 70 euro fine ( he is the son of the former governor of Campania ); Arosio Carlo, William Francis Brown, and Matthew Fulvio Molvetti Stassano at 6 months and 15 days in prison and a fine of € 60, Alessandro Foti at 6 months and 50 euro fine. Are two other officers were acquitted of banks and Mario Mauri and Giorgio Porta, respectively, at the time of the Municipality consultant and manager of Palazzo Marino.

Immediate replicas Deutsche Bank "remains convinced that he acted properly, as well as its employees. The bank will therefore appeal relying on a positive resolution of the process." On the same wavelength that UBS also "expressed disappointment that the verdict against it emerged today", pointing out that with employees and former employees convicted of fraud against the City of Milan "vigorously pursue all possibilities of appeal." JPMorgan "is disappointed by the decision of the judge, and with reference to individuals or by reference to the bank. E 'is our intention to be the accused to appeal against the judgment in the belief that the appellate court will perform with the formula much wider individuals, because the bank.

Source: [link to www.repubblica.it]