Former bank chairman gets 3 years in jail for concealing losses


An Italian court on Friday sentenced former Banca Monte dei Paschi di Siena chairman Giuseppe Mussari to three years and six months in jail for misleading regulators in relation to a 2009 derivative trade with Nomura that prosecutors said was used to conceal losses.

Reuters reports that the court in Siena, where Italy's third-biggest lender is based, also sentenced former chief executive Antonio Vigni and ex-finance boss Gianluca Baldassarri to the same jail term.

Prosecutors had asked for a seven-year jail sentence for Mussari and six years for Vigni and Baldassarri.

Defence lawyers, who had asked the court to acquit their clients, said they would lodge an appeal against the sentence, which was read by Court President Leonardo Grassi during a public hearing.

'We are very surprised and obviously we will appeal,' Mussari's lawyer Fabio Pisillo told reporters afterwards.

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Ex-Monte Paschi chairman sentenced to jail in derivatives case

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