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Parmalat Founder Submits Guilty Plea

Law360 (January 17, 2006, 12:00 AM EST) -- Attempting to escape jail time, the founder of Italian dairy giant Parmalat SPA has offered to plead guilty and cooperate in hopes of receiving a lesser sentence for his alleged part in the financial scandal dubbed as “Europe’s Enron.”

Calisto Tanzi, currently on trial in Milan, will tender a guilty plea for his role in the company’s collapse, according to his lawyer Filippo Sgubbi.

Tanzi, along with 15 other executives, stands accused of fraudulent accounting and market rigging, among other charges.

The group's alleged activities resulted...
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