A Vatican court today sentenced Angelo Kaloia, a former Vatican bank chief bank, to eight years and eleven months in prison on charges of embezzlement and money laundering.
Kaloya, 81, was the bank’s president, officially known as the Institute for the Works of Religion (IOR), from 1999 until 2009. He became the highest-ranking Vatican official to be convicted of financial crime.
The court also found Gabriele Liuzzo, 97, and his son, Lamberto Liuzzo, 55, both Italian lawyers who were advisers to the bank guilty.
The three were accused of participating in a scheme in which they embezzled money while managing the purchase and sale of 29 properties owned by the bank in Rome and Milan between 2001 and 2008.
They allegedly siphoned off tens of millions of euros by declaring far less than the true amount of the sale.
Gabriele Liucco was given the same sentence as Caloia, while Lamberto Liucco was sentenced to five years and two months in prison.
All denied the charges against them during the trial, which began in 2018.