Bank of Italy Said To Fine Ex-Monte Paschi Managers $6.4m

A Billion Dollars

Italy’s central bank is fining former top executives of Banca Monte dei Paschi di Siena SpA about $6.4m for their alleged lack of controls over the lender’s risk management, said a person with knowledge of the matter.

Bloomberg reports that The Bank of Italy has completed its inquiry and the findings will be published in its supervisory bulletin once the subjects have been informed, said the person, who declined to be identified because the matter hasn’t been made public.

Former Chairman Giuseppe Mussari and former general manager Antonio Vigni were fined about $642.7m, while former head of finance Gianluca Baldassarri was fined about $514.2m, the person said.

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Bank of Italy Said to Fine Ex-Monte Paschi Managers $6.4 Million

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