This Italian business man is responsible for frauds to the tune of $5 billion. Giancarlo Paretti formerly owned the movie studio Pathe and in 1989 took over Cannon Film Group Inc. from Menahem Golan and Yoram Globus.
In 1990, Parretti also bought Metro-Goldwyn-Mayer, using money borrowed from a Dutch subsidiary of Credit Lyonnais.
Parretti enjoyed a lavish life and squandered the company's money.
Parretti faced securities fraud charges in the United States and Europe. Pathe was purchased by Chargeurs in 1992.
In March 1999, Parretti was found guilty of misuse of corporate funds and fraud and he was sentenced in absentia to four years in prison and fined 1 million francs by a Paris court.
Image: The headquarters of the MGM movie studio in Los Angeles. | Photograph: Fred Prouser/Reuters
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