(Citizen Free Press) — Former Vatican bank chief Angelo Caloia was sentenced Thursday to 8 years and 11 months in prison for money laundering and aggravated embezzlement, making him the highest-ranking Vatican official to be convicted of a financial crime.
The 81-year-old was president of the bank known as the Institute of Works of Religion (IOR) from 1999 to 2009.
The Vatican court also convicted two lawyers who were consultants to the bank. Gabriele Liuzzo received the same sentence as Caloia. Liuzzo’s son Lamberto, 55, turned 5 years and two months. All three also have to pay fines and are prohibited from holding public office in perpetuity, according to a press release from the Vatican.
The three men were charged with embezzlement while managing the sale of Italian real estate owned by the bank between 2001 and 2008, declaring less than the actual amount of the sale.
All three denied wrongdoing during the trial, which began in 2018. Caloia’s attorney will appeal the sentence.