Milan, 15 Million Euro Fraud Against Cesare Pozzo: Four Convicted Up to Five Years
Milan, January 12 – A branch of the Milanese trial concerning the alleged 15 million euro fraud against the historic Cesare Pozzo mutual aid society, perpetrated between 2017 and 2018, has concluded with four convictions, with sentences up to five years in prison. The third criminal section sentenced Giancarlo Andreella to 5 years, Nicola Squillace to 4 years and 9 months, Giacomo Capizzi to 4 years, and Ferdinando Matera, then general manager of Cesare Pozzo, to 2 years. The company Meti Capital was also fined 300,000 euros.
The Allegations and the Scheme
According to prosecutors Cristian Barilli and Carlo Scalas, broker Gianluigi Torzi – currently on trial in another branch of the case and known for his involvement in the management of Vatican Secretariat of State funds and the purchase of a building on Sloane Avenue in London – allegedly drained 15 million euros from the society’s coffers. This was purportedly achieved with the complicity of Matera, lawyer Nicola Squillace, and others, through investments in high-risk, unrated Luxembourgish bonds.
The board of directors of Cesare Pozzo was reportedly convinced to ‘mobilize’ the sum, as stated in the documents, to invest it in ‘state bonds and Italian interest-bearing funds.’ However, these operations ‘did not yield any interest,’ resulting in ‘significant’ patrimonial damage. Cesare Pozzo, represented by lawyers Lodovico Mangiarotti and Michele Bencini, acted as a civil party in the proceedings.
Separate Proceedings and Previous Verdicts
Torzi’s position in the case had been separated due to notification issues, and he was subsequently indicted for the alleged fraud in May of last year. Last November, in another segment of the trial, an appeal agreement (a form of plea bargain in the second instance) was accepted, leading to sentences of 3 years and 8 months and 2 years (with conditional suspension) for Ferdinando Matera and Armando Messineo, former general manager and former president of Cesare Pozzo, respectively. At the time, they were also at the helm of the subsidiary Fondo Salute Sce, from whose coffers, according to investigations, approximately 5 million euros were allegedly drained through payments for non-existent operations.
Impact on the Cesare Pozzo Society
The Cesare Pozzo mutual aid society, a long-standing institution, faced substantial financial losses due to these fraudulent activities. The convictions highlight the legal system’s efforts to address and penalize financial misconduct that impacts such important social entities.
Further Developments Expected
While this branch of the trial has concluded, the broader legal proceedings, particularly those involving Gianluigi Torzi, are ongoing. The case continues to underscore the complexities of financial fraud and the extensive legal processes required to bring perpetrators to justice and seek redress for victims.
