Banca Etruria, “the qualifications of investors fake to raise the risk profile and sell bonds” – The Daily

Officials in Banca Etruria have falsified data on degrees savers who proposed the subordinated notes . Who had a primary school was “promoted” to the holder of a Diploma , while some customers who have only finished high school partners have been given a degree . A tarot says Republic , designed to make them appear more equipped to understand the hazards of the financial instruments that were proposed to them, and that after the saving decree banks 22 November have become waste paper left on the streets who had them in the portfolio. Just Wednesday, meanwhile, has been scheduled for February 8, the date on which the Bankruptcy Court will vote on the introduction of insolvency Institute of Arezzo, which could pave the way for an investigation former leaders for bankruptcy fraud.

What the People of Etruria had hundreds of many risk drafted under the European directive Mifid (the governing the sale of financial products) had already emerged last month, but now Consumers Association is switching to a loupe practices tens small investors who lost their money and asked advice on how to move. This analysis showed that a 90 year-old with the third grade has been awarded a high school diploma to make them buy 40 thousand euro of subordinated bonds, while a worker with a middle school that has invested in those securities 20 thousand euro he discovered that he had “graduated” without your knowledge.

Study Centre Luigi Sturzo Wednesday released a study that reaffirms the responsibility of the Consob in ‘ having allowed the sale of subordinated bonds at high risk to small savers. For authority chaired by Giuseppe Vegas “subordinated bonds are classified as ‘ simple products ‘, as confirmed in a series of communications, including that of 5 June 2015 which, taking note of the warning Esma, it is limited to an appeal to the good will operators, encouraged to pay close attention to the deployment stages of subordinated bonds to customers at retail. ” “Now, it will also be true – continues the statement of the Centre – that complexity and risk are not the same thing; the fact is, though, that the regulation provides for European products a simple risk assessment down. This has the effect that the broker, often coincided with the issuer of the title , that the bank, in place the financial product, has no other obligations than those dictated by ethics and conscience. ” However, reminds the Centre Sturzo, “from 2009 with a communication on illiquid products Consob was included in a product sheet of one page odds that these products could lose value and they could lose, but even these probability scenarios have been eliminated from 2011. Thanks to this green light from Consob – highlights – Italian banks have invested large amounts of such securities, subordinated note (according to recent estimates by about 60 Milestones of euro), even in families. “

Meanwhile, the date was set to discuss the action for the declaration of insolvency of the old Banca Etruria. The hearing of the bankruptcy court of Arezzo will be held Monday, Feb. 8. The appeal was filed by the liquidator Giuseppe Santoni . If the Bankruptcy Court will declare a state of insolvency, the file will go to the Prosecutor of Arezzo. The chief prosecutor Roberto Rossi at that point could open a new investigation assuming the crime of fraudulent bankruptcy and investigate the former leadership of the bank.

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