An Italian court convicted bankers Cesare Geronzi and Matteo Arpe in a case related to the 2003 bankruptcy of Parmalat SpA, Radiocor news agency reported.
Geronzi was sentenced to five years in jail, while Arpe was given a sentence of three years and seven months by the court in Parma, Radiocor said. The bankers were accused of fraudulent bankruptcy connected to the sale of water company Ciappazzi to Parmalat.
Ennio Amodio, a lawyer for Geronzi, termed the sentencing “profoundly unfair,” Radiocor said. Both of the bankers previously have denied any wrongdoing. Spokesmen for Geronzi and Arpe weren’t immediately available for comment when contacted by Bloomberg News.