Gold bar fraud scheme leaves 89 million euros missing in Italy

Nearly 300 victims in the Trentino-South Tyrol region have lost approximately 89 million euros in a massive gold bar fraud scheme promoted by Global Group Consulting sas. The victims, including 185 from Trentino and 111 from South Tyrol, lost significant portions of their savings.

The Italian Court of Cassation has rejected appeals against criminal orders issued to Giorgio Maria Marone, Moreno Alestra, Valerio Tirelli, Nicola Meneghetti, and Giovanna Piera Deledda. The individuals received sentences ranging from 2 years and 11 months to 3 years and 10 months for forming a criminal organization and engaging in unauthorized financial transactions.

While six million euros have been seized, this represents only a small fraction of the 89 million euros missing. To date, investigators have secured two million euros in bank accounts, with the remainder consisting of gold that investigators have had to liquidate.