- Giancarlo Parretti
Giancarlo Parretti is an Italian financier.
He formerly owned the movie studio
Pathé and in 1989 took over Cannon Film Group Inc. from Menahem Golan and Yoram Globus. In 1990, Parretti also boughtMetro-Goldwyn-Mayer , using money borrowed from a Dutch subsidiary ofCrédit Lyonnais and contingent on future profits financing the purchase from mogulKirk Kerkorian .With the financier, MGM released almost no movies (one victim being the
James Bond franchise), while Parretti enjoyed aHollywood mogul lifestyle. He fired most of the accounting staff and appointed his 21-year-old daughter to a senior financial post. He used company money for presents to several girlfriends, including a former runner-up for Miss Universe.In 1991 his ownership dissolved in a flurry of lawsuits and a default by Crédit Lyonnais, and Parretti faced securities
fraud charges in theUnited States andEurope . Pathé was purchased byChargeurs in 1992.In March 1999, he 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
franc s by a Paris court. [AFP-Extel News Limited.March 31 ,1991 ]ee also
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List of trading losses References
External links
* [http://www.time.com/time/magazine/article/0,9171,969937,00.html Time Magazine. John Greenwald. What Makes Giancarlo Run? April 23, 1990.]
* [http://www.sgrm.com/art43.htm How an Italian thug looted MGM, brought Credit Lyonnais to its knees, and made the Pope cry. DAVID MCCLINTICK.]
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