Parmalat Founder Faces Trial in Fraud Case
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The founder and former chief executive of Parmalat, the Italian dairy and juice giant that collapsed in an $18-billion fraud case known as “Europe’s Enron,” must stand trial for alleged market securities violations, an Italian judge ruled.
The judge also ordered executives at the Italian branches of Bank of America, Grant Thorton and the auditing firm of Deloitte & Touche to stand trial in the case, along with 15 other people.
The trial of Parmalat founder Calisto Tanzi will begin Sept. 28 in Milan, the judge said.
Tens of thousands of investors lost their savings when Parmalat revealed in late 2003 that a purported $5-billion account with Bank of America did not exist.
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