Former Head of Vatican Bank Found Guilty of Embezzlement

A former head of the Vatican bank, Angelo Caloia, has been found guilty of embezzlement and money laundering and sentenced to eight years and 11 months in prison, making him the highest-ranking Vatican official to be convicted of a financial crime.

The Vatican court on Thursday also convicted Gabriele Liuzzo, 97, and his son Lamberto Liuzzo, 55, both Italian lawyers who were consultants to the bank.

Caloia led the bank, officially known as the Institute for the Works of Religion (IOR), from 1989 to 2009. The 81-year-old Italian was tried over corrupt real estate deals.

He was accused of conspiring with others to make millions from the below-market sale of more than 20 IOR properties in Italy and laundering the proceeds in Switzerland. (Read more from “Former Head of Vatican Bank Found Guilty of Embezzlement” HERE)

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