Francesco Merloni: Indicted for Financial Crimes

Former CEO of Indesit Company Accused of Market Manipulation

Merloni Faces Multiple Charges

Francesco Merloni, the former CEO of the Italian home appliance company Indesit, has been indicted on charges of market manipulation and false accounting. Prosecutors allege that Merloni engaged in a scheme to artificially inflate the company's stock price. The indictment alleges that Merloni and other executives used a variety of methods to manipulate the market, including creating false purchase orders and using insider information to trade in the company's stock.

Indesit's Financial Troubles

The indictment comes as Indesit is facing financial difficulties. The company has been struggling with declining sales and heavy debts. In 2014, Indesit was acquired by Whirlpool Corporation for $1 billion. Merloni, who was CEO of Indesit at the time of the acquisition, remained with the company as a senior advisor until 2017.

Merloni's Defense

Merloni has denied the charges against him. His lawyers have argued that the former CEO acted in the best interests of the company and its shareholders. They have also claimed that the prosecution's case is based on circumstantial evidence. The trial is expected to begin later this year.