Gilberto Baschiera: Banker who stole $1 million, gave it away and got away with it

A wealthy client’s $1 million was stolen by an Italian banker. But he never took a penny for himself.

It all began in 2009, at the height of the world financial crisis. The Italian government was working to revive the economy of the nation. Silvio Berlusconi, the prime minister, chose drastic measures to avert a default. This made obtaining bank loans much more difficult.

The bank manager in the Italian town of Forni di Sopra was Gilberto Baschiera. The population of Forni di Sopra is not much more than 1000. The bank manager becomes a prominent citizen thanks to this.

People from the town came to him seeking a loan. However, many of them were ineligible. Baschiera found it difficult to defend turning down loan requests. He felt sorry for the people who couldn’t afford to apply.

Baschiera began taking small payments from wealthy clients. He distributed the funds to those who couldn’t obtain credit. He stole roughly $1 million over the course of 7 years. He established a system of “shadow financing.”

Some clients agreed to quickly return that money. Some people did not. Clients who were unable to repay their loans went into default. This resulted in Baschiera’s inevitable exposure.

In 2016, his team discovered the accounting discrepancy. Authorities learned about Baschiera from a report. The prosecutor charged him with fraud and theft.

Baschiera pointed the finger at the corrupt banking industry. He claimed that it leaves elderly and young people without resources behind. He was referred to as a “modern Robin Hood” by Italian media. To apologize for his actions, Baschiera called each of the clients he had stolen from.

He was handed a two year sentence for his crimes. But the Italian law was easy on him. As a first time offender with a minor sentence, he was spared. Baschiera secured a plea bargain with authorities. The fact that he did not benefit from the crime spared him from prison.

However, he had lost his home as well as his job. Still, it can be said Baschiera was lucky. In similar cases in other countries, courts have been far less forgiving.

In 2007, a German banker was sentenced to almost 3 years in prison. He setup a scheme to divert $2.4 million from wealthier client’s accounts. He sent it to poorer customers whose loan requests had been rejected.

Baschiera said he regretted his scheme. However, he still believes the banking system is failing people.

“I have always thought that in addition to protecting savers, our task was to help those in need.” Baschiera said.


Rokhan Direkz: Sri Lankan who explores the most dangerous places on the planet

Who doesn’t enjoy traveling? Nonshout met Rokhan Direkz, a Sri Lankan who travels to places around the globe where other tourists doesn’t like to travel. He joined us to talk about his experiences in the countries he visited. How did you come up with this desire to visit challenging locations where most people would not even consider going? My passion for it probably dates back to my early years.

What is included in Sri Lanka’s 2023 budget

The 2023 budget was presented to the parliament this afternoon by Sri Lankan Prime Minister Ranil Wickramasinghe. Estimated government expenditure in this year’s budget is 7,885 billion rupees. It is an increase of 29.2% compared to last year, and in the budget presented for the year 2022, the government expenditure estimate was shown as 6,100 billion rupees. Below are the budget proposals. Urgent steps to develop cinnamon industry More

Pakistan railways raises prices to make up lost revenue

Pakistan Railways has raised the fares of Tezgam, a daily express train service, in order to reduce the projected deficit. Following the floods, railway losses were expected to be at an all-time high, and now the state-owned railway company has raised the economy class ticket of Tezgam from Rawalpindi to Karachi from Rs2,000 to Rs3,500. The price of the Rawalpindi to Lahore rail ticket has gone up from Rs500