The Vatican Bank's former president Angelo Caloia, 81, has been sentenced to 8 years and 11 months in prison by the Vatican court on January 20. Also convicted were Gabriele Liuzzo, 97, and his son Lamberto Liuzzo, 55, both Italian lawyers who were consultants to the bank.
This is the first time the court has issued a prison sentence for financial crimes. Court-appointed experts estimated the bank lost some €34 million in potential revenue due to the under-valuing of the sales of 29 Vatican properties by Caloia and Liuzzo between 2001 and 2008 . They allegedly siphoned off tens of millions of euros by declaring far less than the true amount of the sale.
It is likely that the aged men will out-live the appeal process.
@Hugh N. Cry Who has the temporal authority to represent the Church and try (much less convict) the Church's highest temporal authority?