“Italian police detained Gianluca Baldassarri, former finance chief at Banca Monte dei Paschi di Siena SpA, as prosecutors investigated possible financial crimes at Italy’s third-largest bank.
Police detained Baldassarri, 51, in Milan today because of evidence and to ensure he doesn’t flee, a police official said by phone. Baldassari was taken into custody on an accusation of obstructing regulatory activity related to derivatives transactions. He was detained after he allegedly sought to sell securities for about 1 million euros ($1.3 million), sparking concern he may leave the country, the official said.
Prosecutors in Siena are investigating whether some former Monte Paschi executives committed crimes of market manipulation, fraud, false accounting and obstruction of regulatory activity tied to derivatives trades during the purchase of Banca Antonveneta SpA, people with knowledge of the probe have said.
Chief Executive Officer Fabrizio Viola and ChairmanAlessandro Profumo are seeking to restore investors’ confidence in the world’s oldest bank and profitability amid allegations former management hid losses from three derivatives transactions, labeled Alexandria, Santorini and Nota Italia….”
If you enjoy the content at iBankCoin, please follow us on Twitter
