A former head of the Vatican Bank was convicted of embezzlement and money laundering and sentenced to nearly nine years in prison.
Angelo Kaloya, 81, was president of the bank – officially known as the Institute for Religious Works (IOR) – between 1999 and 2009. A Vatican court sentenced him to 8 years and 11 months in prison after he became the highest-ranking employee of The Vatican should be convicted of a financial crime.
Also convicted were Gabriele Luzzo (97) and his son Lamberto Luzzo (55), both Italian lawyers who were consultants at the bank. The three were accused of participating in a scheme in which they misappropriated money while managing the sale of Italian real estate owned by the bank between 2001
It is alleged that they took tens of millions of euros, declaring far less than the actual amount of the sale.
Gabriele Liuzzo received the same sentence as Kaloya, while Lamberto Liuzzo received a sentence of five years and two months. All denied wrongdoing during the process that began in 2018.