Thirty branch managers and various Banca Etruria officials are accused of aggravated fraud against customers. This is the conclusion reached by the Prosecutor of Arezzo at the end of the investigation into the one-billion-dollar bankruptcy of the Tuscan bank. For this reason, the Public Prosecutor's Office will request the indictment of directors and officials.
The accusation that the Arezzo prosecutors level against the branch managers and officials of Banca Etruria is that of having lied to customers by inducing them to buy subordinated bonds despite the fact that they were risky products intended only for institutional investors.
The investigation reveals in particular that a sort of control room was created in the Bank, in which two powerful officials pushed the branches to sell subordinated retail bonds even to unwitting retail customers without any information or warning about the dangers of the investment.
