Vatican fraudster gets jail time

October 15, 2008 08:22AM

Italian real estate developer Raffaello Follieri faces four-and-a-quarter to 5-and-a-quarter years in prison on 14 counts of conspiracy, fraud and money laundering. Follieri pleaded guilty last month to obtaining almost $2.5 million from investors during a scheme — in which he falsely claimed to be the Vatican’s representative to the U.S. — that allowed him to buy Catholic Church property in New York at discount prices. Follieri will hear his full sentence on October 23.

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