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Fondiaria-Sai's former top brass sentenced to jail

SalvatoreLigresti, the head of the family that controlled Italian insurer Fondiaria-SaiSpA until its merger with UnipolGruppo Finanziario SpA, was sentenced to six years in prison formarket manipulation and false accounting by a tribunal in Turin, Italy's La Stampa reported Oct. 11.

Thecharges relate to misleading statements about a €600 million hole in thegroup's claim reserves.

SalvatoreLigresti's daughter Jonella, the former chairman of the company, was sentencedto five years and eight months in prison, and the insurer's former CEO, FaustoMarchionni, was sentenced to five years and three months, for the same charges.

Theformer auditor of Fondiaria-Sai, Riccardo Ottaviani, was sentenced to two yearsand six months on a charge of false accounting. The insurer'sformer vice chairman, Antonio Talarico, and Ambrogio Virgilio, an auditor, wereabsolved of the same charge.

Thelawyer for Jonella Ligresti said she would appeal, Radiocor reported.