FLASHBACK - Vatican charges cardinal and 9 others with financial crimes | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

FLASHBACK - Vatican charges cardinal and 9 others with financial crimes

The Vatican charged 10 persons with financial crimes on Saturday, including an Italian cardinal. The charges follow an inquiry by the Vatican Gendarmerie.

The charges center around the Vatican Secretariat of State’s investment in Raffaele Mincione’s Athena Capital Global Opportunities Fund. Mincione, who allegedly used fund money for personal investments, received charges of “embezzlement, fraud, abuse of office, embezzlement and self-laundering.”

Mincione’s fund operated between June of 2013 and February of 2014. The Secretariat of State borrowed $200 million to invest in the fund. €18 million had been lost by September of 2018. According to the Vatican, the fund manager had a conflict of interest because he risked others’ capital to further his personal interests.

In addition, Mincione allegedly undervalued a London property to deceive the Secretariat of State into agreeing to an inaccurate price and contracted a €75 million debt with a Dutch bank without informing the Secretariat of State.

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