Bad Lawyers

Former Vatican Bank President Charged with Embezzlement
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Vatican Bank

Summary: The former president of the Vatican Bank and his lawyer were indicted by Vatican prosecutors for embezzlement.

Vatican prosecutors have indicted the former Vatican Bank (IOR) president and his lawyer for embezzlement. The former president, Angelo Caloia, and Italian lawyer Gabriele Liuzzo are charged with embezzling over 50 million euros.

  
What
Where


According to an Associated Press report, the two are accused of embezzling and self-laundering money from real estate sales. They are set to go to trial on March 15. A third person in the case passed away during the investigation.

The AP first reported the Institute of Religious Works announcement of the charges against Luizzo and Caloia. The alleged scam is believed to have taken place between 2001 and 2008 when the bank was putting “considerable” amounts into real estate assets. The suspects are believed to have sold the real estate at prices undervaluing the Vatican-owned real estate to the offshore companies, who then went and resold the real estate properties for the current market value. The difference in the sales became a profit for the three individuals, according to a source from the investigation.

The investigation into the scam started in 2014 when Vatican bank officials detected irregularities in the real estate accounts. They both deny any wrongdoing. The IOR is also filing a civil suit against the individuals in order to try and recoup some of their losses.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




The civil tribunal at the Vatican found two other former heads of the bank liable of mismanaging investments last month. Paolo Cipriani and Massimo Tulli mismanaged investments during their times as head of the bank. They have both been ordered to pay the bank back. Pope Benedict XVI has ordered a massive overhaul of the bank and its operations in order to improve the bank’s reputation as an offshore tax haven plagued by scandal and corruption.

Would you have greater trust in the Vatican bank and its employees because it’s associated with the Catholic church? Share your thoughts with us in the comments below.



To learn more about the bad press coming out of the Vatican read these articles:

Photo: americanmagazine.org



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Commercial Litigation Counsel with Portable Business

USA-MI-Birmingham

Detroit area office is seeking a counsel level commercial litigation attorney with $200,000+ in port...

Apply Now

Senior Labor and Employment Litigation Associate Attorney

USA-CA-Los Angeles

Los Angeles office of our client seeks senior labor and employment litigation associate attorney wit...

Apply Now

Immigration Attorney

USA-DC-Washington

Washington, D.C. office of our client, a Chambers ranked law firm, is actively seeking associates to...

Apply Now

RELEVANT JOBS

FAMILY LAW FIRM MARKETING DIRECTOR 

USA-CA-Rancho Bernardo

FAMILY LAW FIRM MARKETING DIRECTOR  IMMEDIATE OPENING  A SMALL SAN DIEGO FAMILY LAW FI...

Apply now

Estate Planning / Administration Attorney

USA-CO-Denver

Robinson, Diss and Clowdus, P.C., a small Denver law firm specializing in tax planning for closely h...

Apply now

Staff Attorney - Advanced Records Center

USA-CA-Los Angeles

Best Best & Krieger has an immediate opening for a staff attorney in our Advanced Records Center....

Apply now

Municipal Law - Transactional Attorney

USA-CA-Sacramento

Best Best & Krieger has an immediate opening for an attorney with a minimum of 4 years of municipal ...

Apply now

SEARCH IN ARCHIVE

To Top