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Parretti Fraud Conviction, Sentence Upheld In Naples

MGM prez Giancarlo Parretti, convicted last April of fraudulent bankruptcy in connection with the mismanagement of a small newspaper chain in his native Italy, was found guilty again on appeal in Naples Jan. 15. The Naples Court of Appeals reconfirmed the previous ruling sentencing the financier to three years and 10 months in jail.

But the chances of Parretti doing time in a Neapolitan jail are virtually nil. Two judicial amnesties, one from 1986 and one issued last month, make him exempt from incarceration. The pardons, however, do not cancel the conviction itself.

Per Judge Giuseppe Constabile, Parretti and his partners in the two companies that owned the II Diario newspaper chain from 1979 to 1981 knowingly falsified balance sheets and failed to deposit the necessary capital. When II Diario went bankrupt in 1981, a group of employees brought charges against Parretti and five other ex-partners.

The conviction does not hinder Parretti’s ability to do business in Italy or to enter the country (both of which he does frequently).

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