Angelo Caloia, Former Vatican Banker, Found Guilty of Embezzling 55 Millon Euro

Angelo Caloia, who was president of the Vatican Bank (Official name is the IOR, the Institute for Religious Works), was found guilty of embezzlement by the Vatican Tribunal, of nearly 60 million worth of Vatican properties, which he sold off through a complex network of shell companies to his own business interests. The Vatican has siezed 30 million in his personal account and frozen another 25 million of his assents.

He was president of IOR from 1988 to 2008. Pope Benedict XVI removed him from office.

The real estate was owned by a Vatican controlled company, known as SGIR. Caloia had attempted to explain, during the investigation, that the source of the millions in his personal account was inheritance from his mother-in-law, but in cross examination he could not remember her name!

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