Italian Lender at the Center of Fraud and Money Laundering Scandal: Reports

By Valentina Pasquali

Top compliance managers, supervisory board members and senior executives of Italy's fourth largest bank are suspected of willfully violating the nation's rules against illicit finance as part of an alleged conspiracy to enrich themselves at the lender's expense. The accusations stem from a larger, years-long investigation of Ubi Banca by district attorneys in Bergamo, Italy, who filed charges last week against the financial institution, its chief executive Victor Massiah and 29 other individuals. The defendants allegedly obstructed regulators and rigged appointments to the bank's supervisory board from 2009 to 2015 to exercise total control over its operations and defraud Ubi...