(Bloomberg) -- Alessandro Profumo and Fabrizio Viola were convicted on charges of false accounting and market manipulation during their time as chairman and chief executive officer of Banca Monte dei Paschi di Siena SpA.
A Milan judge ordered Viola, the bank’s former CEO, and Profumo to serve jail sentences of six years, according to lawyers attending the hearing. The managers were accused of improperly booking transactions dubbed Santorini and Alexandria as repurchase agreements instead of derivatives. Profumo is currently CEO of Leonardo SpA, the Italian aerospace and defense conglomerate.
Lawyers representing the defendants didn’t answer calls for a comment. A sentence in Italy is definitive only after a third degree of judgment.
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