Luca Cicchetti has requested a plea bargain in the trial in which he stands accused of theft and fraud against numerous account holders. As reported by San Marino RTV, the 58-year-old former director of the Gualdicciolo branch of Banca di San Marino (BSM) allegedly misappropriated a total of around €850,000.
According to the prosecution, he allegedly secured management of clients’ assets by promising high returns with no risk. The money is said to have then been used in speculative operations, with heavy losses concealed through falsified documents and transfers of funds between account holders.
At the first hearing, before Commissioner of the Law Adriano Saldarelli, Cicchetti was not present. The court confirmed the civil party status of around twenty savers, who are seeking compensation also from BSM.
The bank has been called to answer for alleged failure to supervise its employee, under legislation governing corporate liability for criminal offences.
His lawyers raised a question of constitutional legitimacy regarding the provision that extends liability to institutions even when they have not gained any advantage from the offence. They also challenged the vagueness of the charge, requesting that it be declared void.
On the request for a plea bargain, the prosecutor Roberto Cesarini gave a favourable opinion. All the civil parties, however, objected, pointing to the repeated nature of the alleged conduct and requesting the application of three aggravating factors: abuse of professional position, connection between the offences, and fraud aimed at taking out an insurance policy.
The judge granted twenty days for submissions on the constitutional question. The next hearing has been set for 13 January.
