Rome, savers scams: 11 in trial

Eleven on trial in Rome for a huge millionaire scam against savers. Gup Annalisa Marzano indicted Massimiliano Muzzi and ten other people with accusations, in various capacities and depending on their positions, of criminal association, fraud, self-laundering, receiving stolen goods, obstacles to the exercise of functions and public supervisory authorities. Muzzi, 49, is already on trial in Rome for a scam. The defendants are accused in competition “of having formed and participated in a criminal association aimed at committing fraud and embezzlement to the detriment of savers, using the English investment firm Lux Finance Ltd to carry out unauthorized promotional activities on the Italian territory and placement of investment services and financial products using the headquarters and staff “of another company” to circumvent and hinder Consob’s supervisory functions. In particular, according to the indictment, the defendants “obtained from savers the availability of huge capital to invest which were used for the purchase of the securities of the ‘Pegasus’ funds, in reality non-existent, capital of which they took possession by omitting the restitution when the clients or promoters asked for liquidation, obtaining an unfair profit “.