By  on January 9, 2012

MILAN — Tonino Perna, former president and chief executive officer of the once high-flying but now defunct IT Holding SpA, was arrested Monday by Italy’s Guardia di Finanza on charges of criminal bankruptcy.

Perna is accused of using 61 million euros, or $77.5 million at current exchange, of funds meant for IT Holding for other purposes, including allegedly for his personal real estate. It is understood the financial police are confiscating Perna’s personal properties, including a villa and two houses in Capri; an apartment in the center of Rome; a villa in Porto Cervo, the exclusive luxury resort on the island of Sardinia, and a yacht.

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