Parmalat's Founder Sentenced To 10 Years In Jail

Law360, New York (December 18, 2008, 12:00 AM EST) -- An Italian court reportedly sentenced Parmalat SpA founder Calisto Tanzi on Thursday to 10 years in jail for market manipulation and other actions that led to the dairy giant's downfall five years ago.

While Tanzi, 70, was found guilty of market rigging, false accounting and obstructing authorities, seven other defendants were acquitted in the Milan court on Thursday, the Associated Press reported.

Three of those defendants were former Bank of America Corp. employees, according to the bank.

“The ruling establishes beyond doubt that former bank employees...
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