Reports: Milan court convicts 13 in trial over derivatives
ROME (AP) — A Milan court has convicted 13 former bankers in a case centering on derivative transactions that prosecutors alleged helped an Italian bank hide big losses.
The Italian news agency ANSA says defendants in the 3-year-old trial that ended Friday included former executives of Tuscany-based Monte dei Paschi di Siena (MPS), Deutsche Bank AG and Nomura. They denied wrongdoing.
Lawyers for the defendants said they’d appeal the convictions and prison sentences, which ranged from 7 ½ years to three years and five months.
Prosecutors alleged irregularities in derivative transactions carried out by MPS between 2008 and 2012 to cover losses triggered by the acquisition of Italian bank Antonveneta.
Various charges included markets manipulations and false bookkeeping.