Among the most debated legal problems in the last twenty years (both criminally and in the administrative phase), in light of a massive series of financial scandals, there is what is called the crime of market manipulation.

Our law firm, led by criminal lawyer Alexandro María Tirelli, an expert in international criminal law for ILA, has frequently faced criminal trials, in Italy and abroad, in which the accusation referred to the rise and fall of fraudulent prices, what is defined in the public market or stock exchanges, as market manipulation. 

And it is important to highlight here the exact definition of the crime (and the consequent penalty), thus allowing our clients to address us in the search for legal advice or assistance in all aspects.

Therefore, the offense is defined as: “any person who intends to disrupt the internal market of securities or goods, with the intention of publicly or privately disclosing false, exaggerated or biased news, in order to cause an increase or decrease in the price of goods or securities admitted in the lists ?.

The change in the prices of stock market or marketable goods in the public market, is punishable by imprisonment of up to three years and with a fine of 516 euros to 25,822 euros [cp 29]. If the increase or decrease in the price of the goods or securities is carried out, the penalties for the realization of said crime are increased [cc 2628; CP 64].

To this is added the situation of increased penalties at the following junctures. First: if the fact is committed by the citizen in favor of foreign interests. Second: if the deed results in a depreciation of the national currency or government bonds, or in the increase in prices of raw materials or common consumption.

The penalties established in the previous provisions also apply if the act is committed abroad, to the detriment of the national currency or Italian public securities. Conviction matters the interdiction of public offices [cp 28, 37] (2) «

If you are in any country in Latin America or the Caribbean and wish to invest in Italy, contact us, we are International Lawyers Associates (with offices in Rome, Milan and Naples). We are a group of lawyers specialized in commercial and international law always available to offer the best advice to develop their ideas and execute your projects guiding you to the final investment.

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