Michele Sindona was sentenced to prison.
The former international financier was convicted in Milan, Italy, of bank fraud and was sentenced to 12 years in prison, the state-run RAI television network reported. The case involved the collapse of Banca Privata Finanziara, which Sindona controlled. The bank failure was one of Italy’s biggest financial scandals of the 1970s. Prosecutors said Sindona looted the bank and another he controlled of 274 billion lire, about $137 million at current exchange rates but worth much more in dollars at that time.
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