Ex-Bank of Italy chief sentenced to 4 years in jail

Source: Reuters

An Italian court sentenced Italy's former central bank governor Antonio Fazio on Saturday to four years in jail for market-rigging related to a 2005 takeover battle over Italian bank Banca Antonveneta.

A Milan court has also ordered Fazio -- who headed the Bank of Italy from 1993 to 2005 -- to pay a 1.5 million euro ($2.14 million) fine for his role in the takeover saga pitting Dutch Bank ABN AMRO against Italy's Banca Popolare Italiana (BPI).

Fazio's lawyer called the sentence "unjust" and said he would file an appeal, the Ansa news agency said.

"I'm confident I always acted for the good and I'm convinced this sentence should be amended," Ansa quoted Fazio as telling one of his lawyers.

Read more: http://www.reuters.com/article/2011/05/28/us-italy-bank-fazio-idUSTRE74R1IU20110528