A total of 88 people are under investigation as part of an investigation by the Bari Public Prosecutor’s Office into Banca Popolare di Bari, relating to an alleged scam for an amount of over 8 million euros. The financiers of the Provincial Command of Bari are currently proceeding with the notification of the notices of conclusion of the preliminary investigations, towards the pro tempore top management bodies of the Banca Popolare di Bari and the managers of the branches of the credit institution.
The recipients of the provision, as mentioned, are being investigated, jointly with each other, in relation to their respective functions, for the criminal hypothesis of fraud, for a total amount of over 8 million euros.
Today’s operation constitutes the conclusion of an investigation, coordinated by the Public Prosecutor’s Office and delegated to the Economic-Financial Police Unit of the Guardia di Finanza of Bari, resulting from complaints filed over time by 176 people who, according to what was discovered by the investigators, would have been “induced, through artifices and deceptions, as well as taking advantage of the particular situation of vulnerability, to purchase so-called “illiquid” and highly risky financial products issued by the aforementioned banking institution”. The disputed facts refer to the period 2014-2015.
In particular, the investigations have so far made it possible to ascertain that “the suspects did not provide investors with appropriate information to consciously make their investment choices”.
In detail, according to the accusations, “the devices implemented – in violation of the provisions on financial intermediation, including those of a regulatory nature issued by CONSOB (National Authority for the Supervision of Financial Markets) – consisted, among others, in : manipulation of the risk profiling questionnaire, with the aim of laying the foundations for the subsequent placement of financial instruments evidently inadequate to the personal characteristics and objectives of the injured person; suitability of the financial instrument to be placed in relation to the experience, knowledge and investment objectives of the customers; delivery to the latter, at the time of the execution of the orders, of all the documentation required by law; illiquid and particularly risky nature of the security, not traded on regulated markets and characterized by a risk, which had to be specifically represented; preparation and use of a customer profiling questionnaire model which facilitated the attribution to the investor of a medium/medium-high synthetic risk profile, suitable for the placement of own shares of Banca Popolare di Bari; fraudulent attribution to the aforementioned financial instruments of a lower level of synthetic risk than that attributed to the listed and unlisted shares of third-party banks, in order to manipulate the assessment of adequacy/appropriateness of customers’ investment transactions; indication in the sales prospectus of financial instruments of unclear information on their risk factors; implementation of inadequate procedures aimed at processing sales orders in clear violation of the equality of the shareholders with consequent impossibility of selling the shares themselves when there was the possibility”.
Tags: Banca Popolare Bari investigation million euro fraud investigation
