Ex-Monte Paschi Chairman, CEO Convicted of False Accounting (3)

Alessandro Profumo and Fabrizio Viola were convicted on charges of false accounting and market manipulation during their time as chairman and chief executive officer of Banca Monte dei Paschi di Siena SpA.

A Milan judge ordered Viola and Profumo, who is currently CEO of aerospace conglomerate Leonardo SpA, to serve jail sentences of six years, according to lawyers attending the hearing. The managers were accused of improperly booking transactions dubbed Santorini and Alexandria as repurchase agreements instead of derivatives.

Profumo and Viola were also given fines of 2.5 million euros ($2.9 million) each, according to newswire Ansa.

The two ...