The Crime of False Prospectus in Economic Criminal Law

Allegations relating to the dissemination of untrue information in documents intended for the public savings represent one of the most delicate charges within corporate criminal law. When a company decides to list on the stock exchange or to place financial instruments, the law requires the preparation of an information prospectus that must be transparent, complete, and truthful. The crime of false prospectus occurs when, in documents submitted to Consob or to the public, material facts that are not true are presented, or facts that should have been communicated are concealed. These actions undermine market confidence and the protection of savings, which are constitutionally guaranteed values.

The consequences of such charges are severe and can involve directors, general managers, statutory auditors, and liquidators, often extending to the financial intermediaries involved in the placement. The reference legislation, mainly enshrined in the Consolidated Law on Finance (TUF), provides for significant criminal penalties for those who present false information with the intent to deceive the recipients of the prospectus. Understanding the complexity of these regulations is crucial for anyone involved, in any capacity, in preliminary investigations or proceedings initiated by supervisory authorities or the judiciary.

The Defensive Approach of the Bianucci Law Firm

Facing proceedings for financial crimes requires an extremely technical and analytical defense strategy. As a criminal lawyer with solid experience in economic criminal law in Milan, Avv. Marco Bianucci adopts a rigorous working method that begins with in-depth documentary analysis. In cases of false prospectus, the line between an erroneous (but lawful) economic assessment and fraudulent conduct can be thin and requires specific expertise to highlight.

The Bianucci Law Firm, located at via Alberto da Giussano 26, works closely with financial and accounting technical consultants to dismantle the prosecution's case, demonstrating the absence of intent or the formal and substantial correctness of the procedures followed. The goal is to protect the client's reputation and personal freedom, managing relations with supervisory authorities like Consob with the utmost confidentiality. The defense is not limited to the courtroom but begins from the preliminary investigation phase, where timely intervention can make a difference in the outcome of the proceedings.

Frequently Asked Questions

What are the risks for someone who commits the crime of false prospectus?

The crime of false prospectus, governed by Article 173 of the Consolidated Law on Finance, provides for custodial sentences that can vary depending on the severity of the conduct and the financial damage caused to savers. In addition to imprisonment, accessory disqualification penalties are provided, which can prevent individuals from holding management positions in companies, with devastating consequences for the investigated person's professional career.

Who can be investigated for irregularities in the placement of financial instruments?

Criminal liability does not fall solely on the directors of the issuing company. Statutory auditors, accounting auditors, and managers responsible for preparing accounting documents can also be involved. Furthermore, financial intermediaries involved in the placement of securities can also be held responsible if they contributed to the dissemination of false or misleading information.

What is Consob's role in these proceedings?

Consob plays a central role, both in the supervisory phase and in the judicial phase. Criminal investigations often arise precisely from reports or inspections by the supervisory authority. In criminal proceedings, Consob can join as a civil party to seek compensation for damages to market integrity, making the defense even more complex and necessary.

How does a criminal lawyer choose the strategy in these cases?

The strategy is defined by analyzing each individual attachment of the information prospectus and internal communications. An experienced criminal lawyer will assess whether the omitted or altered information was actually capable of influencing the choices of a reasonable investor, often focusing on the lack of the subjective element of the crime, i.e., the intent to deceive.

Contact Us for a Preliminary Assessment

If you are involved in an investigation for financial crimes or fear possible repercussions related to the management of information prospectuses, it is essential to act promptly. Avv. Marco Bianucci is available to analyze your situation with the utmost discretion and professionalism. Contact the firm to schedule an appointment and define the best defense strategy for your case.