Parmalat Founder Loses Appeal Of 10-Year Sentence

Law360, New York (May 26, 2010, 1:44 PM EDT) -- Calisto Tanzi, founder of Italian food giant Parmalat SpA, reportedly lost an appeal Wednesday of his 10-year prison sentence for market manipulation and other actions that led to the dairy giant's downfall five years ago.

Three former Bank of America NA executives who were acquitted of fraud charges connected to the Parmalat scandal at the same time Tanzi was convicted were also acquitted on appeal, Dow Jones reported.

The Parmalat scandal began to unfold in December 2003, when the company had difficulty making a €150 million...
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