Parmalat Founder Gets 18 Years For Fraud

Law360, New York (December 9, 2010, 2:01 PM EST) -- An Italian court has reportedly convicted Parmalat SpA founder Calisto Tanzi of orchestrating the massive fraud that led to the dairy giant’s bankruptcy, sentencing him to 18 years in prison.

Tanzi's attorney Giampiero Biancolella said a court in Parma, Italy had imposed the sentence on his client, but that Tanzi maintains his innocence and plans to appeal the ruling, the Associated Press reported Thursday.

An additional 16 defendants were also convicted and sentenced to shorter prison terms for their role in the scheme, the AP reported,...
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