In brief. Concrete examples are often the clearest way to understand white-collar crime. The category covers a wide range of offences — from simple fraud against the State to complex multi-jurisdictional schemes involving market abuse, money laundering and bribery. Each example below corresponds to a recurrent investigative pattern under Italian law and has its own legal basis in the Italian Criminal Code, the Civil Code or special statutes. International Lawyers Associates (ILA) defends executives and companies in proceedings spanning all these categories.

ILA is an Italian criminal-defence firm. This guide outlines UK/US rules for reference; we assist English-speaking clients whose case has an Italian dimension — extradition to or from Italy, Interpol Red Notices and cross-border proceedings — alongside local counsel abroad.

At a glance

  • The main examples include accounting fraud, bribery, market abuse, VAT carousel fraud, embezzlement, false invoices, insider dealing, money laundering, fraudulent bankruptcy.
  • Each example maps to specific Italian offences and to corporate criminal liability under D.Lgs. 231/2001.
  • Cross-border elements are frequent and require coordination with foreign counsel and authorities.
  • Compliance failures often connect the operational example to corporate liability.
  • The cases below describe patterns, not individual proceedings.

Example 1 — Accounting fraud (art. 2621 c.c.)

A listed company overstates assets and understates liabilities in successive annual reports to support the share price during a market downturn. The senior finance team prepares accounting entries that lack documentary support, while the external auditor’s red flags are dismissed.

Italian qualification. False corporate communications: for a listed company the applicable offence is Article 2622 of the Italian Civil Code (3 to 8 years’ imprisonment); Article 2621 (1 to 5 years) applies to non-listed companies. Corporate liability under D.Lgs. 231/2001 (Article 25-ter). Possible market manipulation (Article 185 TUF) if the misstatement was used to influence the share price.

Example 2 — Bribery of foreign officials

An Italian company secures contracts in a non-EU country through payments to public officials, channelled via consultancy invoices issued by intermediaries based in tax havens. The compliance team is bypassed.

Italian qualification. Article 322-bis of the Italian Criminal Code (corruption of foreign public officials). Corporate liability under Article 25 of D.Lgs. 231/2001. Laundering of the proceeds may follow — self-laundering (Article 648-ter.1) for those involved in the bribery, money laundering (Article 648-bis) for third parties who handle the proceeds. Possible additional exposure under foreign anti-corruption legislation (FCPA, UK Bribery Act).

Example 3 — VAT carousel fraud

A scheme involves a chain of EU-resident companies, including a “missing trader” that fails to remit VAT, allowing other participants to claim VAT deductions. The scheme runs across three member states and recycles the same goods multiple times.

Italian qualification. Article 2 (fraudulent declaration using invoices for non-existent transactions, 4 to 8 years) and Article 8 (issuing such invoices, 4 to 8 years) of D.Lgs. 74/2000. For the missing trader, Article 5 (omitted declaration) or Article 10-ter (failure to pay VAT above EUR 250,000). Criminal association (Article 416 c.p.) is frequently charged. The European Public Prosecutor’s Office (EPPO) is competent for cross-border VAT fraud involving two or more member states with total damage of at least EUR 10 million.

Example 4 — Embezzlement by a public official (art. 314 c.p.)

A public administration official appropriates funds entrusted to them in the course of duty — for example, by directing them to personal accounts via a series of fictitious payments to suppliers. The amounts cumulate over years.

Italian qualification. Article 314 of the Italian Criminal Code (peculato), punished by 4 years to 10 years and 6 months’ imprisonment. Where funds are not appropriated but diverted to a use other than the one prescribed by law, the 2024 offence of Article 314-bis (indebita destinazione) may apply instead. The Court of Auditors (Corte dei Conti) has parallel jurisdiction for the recovery of public money.

Example 5 — Insider dealing

A senior executive of a listed company learns of a planned acquisition and arranges trades through an offshore broker in the name of a relative. The trades anticipate the public announcement.

Italian qualification. Article 184 of D.Lgs. 58/1998 (Consolidated Law on Finance) — abuso di informazioni privilegiate. Regulation EU 596/2014 (Market Abuse Regulation) directly applicable. CONSOB administrative proceedings in parallel to criminal action. Corporate liability under D.Lgs. 231/2001 (Article 25-sexies).

Example 6 — Money laundering through real estate

Proceeds from organised crime activity are transformed into real estate through a chain of front companies in low-transparency jurisdictions, with eventual purchases of high-value Italian properties.

Italian qualification. Article 648-bis of the Italian Criminal Code (riciclaggio). Article 648-quater (confiscation of equivalent value). Corporate liability under Article 25-octies of D.Lgs. 231/2001 for participating entities. AML breaches by professionals involved in the transactions (D.Lgs. 231/2007).

Example 7 — Fraudulent bankruptcy (artt. 322 and 329 Codice della Crisi)

The management of a company on the brink of insolvency depletes the company’s assets through a series of dishonest disposals — payments to related parties, undervalued sales, unjustified write-offs — before the company is placed in judicial liquidation (liquidazione giudiziale, formerly fallimento).

Italian qualification. For directors of companies, Article 329 of the Codice della Crisi (D.Lgs. 14/2019, in force since 15 July 2022), which refers to the fraudulent conduct of Article 322 (3 to 10 years’ imprisonment); previously Articles 223 and 216 of the Bankruptcy Law (R.D. 267/1942), still applicable to bankruptcies declared under the old regime. Aggravating circumstances under Article 326. Possible concurrent charges for fraud, false invoices and money laundering.

Example 8 — Issuing and using false invoices (artt. 8 and 2 D.Lgs. 74/2000)

A company issues invoices for services never provided to allow the recipient to claim VAT deductions and increase costs for income tax purposes. The transactions are recorded in both parties’ accounts to create an appearance of normal trade.

Italian qualification. Article 8 of D.Lgs. 74/2000 (issuing false invoices); Article 2 (using false invoices for the recipient); both 4 to 8 years, or 1 year and 6 months to 6 years below EUR 100,000 of fictitious amounts. Corporate liability under Article 25-quinquiesdecies of D.Lgs. 231/2001.

Example 9 — Market manipulation through coordinated social media

A group of traders coordinates online to spread false or misleading information about a listed company, with the aim of moving the share price for trading benefit.

Italian qualification. Article 185 of D.Lgs. 58/1998 (manipolazione del mercato), punished by 2 to 12 years’ imprisonment and a fine. Regulation EU 596/2014 (MAR). CONSOB administrative proceedings in parallel to criminal action.

Example 10 — Computer fraud against a corporate accounting system (art. 640-ter c.p.)

A finance officer alters payment instructions in the company’s accounting system to direct funds to controlled accounts. The conduct involves both interference with the system and the appearance of legitimate transactions.

Italian qualification. Article 640-ter of the Italian Criminal Code (frode informatica). Possible concurrent charges for misappropriation (Article 646) or unauthorised access to a computer system (Article 615-ter), depending on the role of the perpetrator. Where the company is itself the victim, it is not liable under D.Lgs. 231/2001 (no interest or advantage); computer fraud is a 231 predicate offence only in specific forms (Article 24, if committed against the State or a public body; Article 25-octies.1, if it produces a transfer of money, monetary value or virtual currency).

What ties the examples together

Three common threads emerge.

Compliance failures. In each example, an effective compliance function would have created friction sufficient to detect the conduct. Conversely, weak controls translate into corporate liability exposure under D.Lgs. 231/2001.

Cross-border elements. A significant share of cases involves foreign entities, transactions or perpetrators. Coordinated defence across jurisdictions is the norm.

Parallel proceedings. Criminal action often runs in parallel with administrative supervision (CONSOB, Banca d’Italia), civil claims and foreign proceedings. Strategy requires multi-track coordination from the start.

When to contact the firm

If your company or you personally face a white-collar investigation, contact the firm. The patterns above each require tailored defence, with attention to the criminal qualification, the corporate liability exposure and the cross-border dimension.

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FAQ

Are these examples actual cases? No. They describe recurrent patterns under Italian law, not individual proceedings.

Are all these offences prosecuted under the same statute? No. They span the Italian Criminal Code, the Civil Code (corporate offences), special statutes (tax, market abuse, AML, bankruptcy) and EU regulations.

Can a company be prosecuted alongside individuals? Yes. Under D.Lgs. 231/2001 the company is prosecuted in addition to individuals when the offence is committed in its interest or to its advantage.

Are tax offences considered white-collar crimes in Italy? Yes. Tax offences under D.Lgs. 74/2000 are central to the white-collar landscape in Italy, with prosecutor offices specialised in financial crime taking the lead.

What is the role of the EPPO? The European Public Prosecutor’s Office investigates and prosecutes offences against EU financial interests, including VAT fraud above thresholds and money laundering linked to those offences.