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Mariella Burani Fashion Group Fined $6.7M Euros

The group, its former managers and its Antichi Pellettieri unit are accused of manipulating the stock market through misinformation and illegal actions.

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BURANI FINE: Italy’s Bourse watchdog Consob has fined the Mariella Burani Fashion Group, its former managers and Mariella Burani’s leather goods unit Antichi Pellettieri 6.7 million euros, or $8.7 million at current exchange. The two companies, along with Walter and Giovanni Burani, respectively president and chief executive officer of the group, and Burani’s chief financial officer Giuseppe Gullo and Giacinto Giuliani — who acquired shares in Mariella Burani UK in 2004 — are accused of manipulating the stock market through misinformation and illegal actions from August 2007 to November 2009.

Last February, Walter and Giovanni Burani were sentenced to six years in jail for fraudulent bankruptcy of the Mariella Burani Fashion Group and its parent company, Burani Designer Holding.