Mercoledì, 19 Settembre 2018

MPS board member probed for insider trading


Siena, May 22 - A board member of the troubled
Monte dei Paschi (MPS) bank was suspended Wednesday amidst an
investigation into allegations of insider trading.
A magistrate in the MPS bank's hometown of Siena ordered
the two-month suspension of lawyer Michele Briamonte, who
advises a bank which is already dealing with numerous legal
problems of its own.
According to the indictment, Briamonte leaked sensitive
information from confidential board meetings.
His suspension order, which can be extended, is only the
latest in a long series of investigations and scandals at MPS,
the world's oldest bank.
It has been mired in massive financial losses and
allegations of fraud that broke open in January.
Senior officials from MPS are facing penalties totalling as
much as five million euros from the Bank of Italy for alleged
fraud and corruption.
The investigation into Briamonte has been going on for some
time. On March 5, authorities raided his home and offices after
complaints were made to the chief executive officer of MPS,
Fabrizio Viola, authorities said.
Phone records and other information link Briamonte with
other MPS associates including David Rossi, the former head of
communications for MPS who committed suicide on March 6.
MPS, Italy's third-largest lender, has been mired in
scandal and controversy since it revealed massive losses of more
than three billion euros for last year.
That required a controversial government bailout worth four
billion euros, which new management at the bank has pledged to
At the same time, a major fraud probe was revealed in
January that is connected with a shady derivatives operations.
It has since emerged that a previously undisclosed series
of derivative and structured-finance deals produced losses of
around 720 million euros.

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