A former head of the Vatican’s bank has been convicted of embezzlement and money laundering and sentenced to nearly nine years in prison.
Angelo Caloia, 81, was the bank’s president – officially known as the Institute for Works of Religion (IOR) – between 1999 and 2009. A Vatican court on Thursday sentenced him to eight years and 11 months in prison after he became the highest-ranking official of Vatican official to be convicted of an economic crime
Gabriele Liuzzo, 97, and his son Lamberto Liuzzo, 55, both Italian lawyers who were consultants at the bank, were also convicted. The three were accused of participating in a scheme in which they embezzled money while controlling the sale of Italian real estate owned by the bank between 2001
They allegedly claimed tens of thousands of millions of euros by declaring far less than the true amount of the sale.
Gabriele Liuzzo received the same sentence as Caloia, while Lamberto Liuzzo received a sentence of five years and two months. All denied misdemeanors during the trial, which started in 2018.