First sentences over Parmalat collapse
Judge Cesare Tacconi sentenced the 11 men, including Fausto Tonna, one of Parmalat founder Calisto Tanzi’s closest associates, to jail terms of up to two and a half years for crimes including market rigging and obstructing regulators. However, none of the convicted was expected to serve time in prison as a result, despite their role in Parmalat’s collapse in 2003, one of Europe’s biggest financial scandals.
The sentences stemmed from a plea-bargain agreement with authorities that allows the 11 accused to avoid standing criminal trial in Milan.
