Vatican City, Dec 10, 2019 / 03:50 pm (CNA).- The Italian businessman responsible for investing millions of Vatican funds owned a stake in an online options trading company fined in 2016 by the Securities and Exchange Commission for misleading investors.
Raffaele Mincione, through whom the Vatican’s Secretariat of State has invested hundreds of millions of dollars in donations from the faithful, bought in 2015 a 5% stake in EZTD Ltd, an Israeli-based company known as EZTrader.
Through a privately arranged sale, instead of on the open market, Mincione paid only $.25 per share for his stake in the company, while the publicly listed share price was $5.10. For only $1.6 million, he acquired a stake in EZTD valued on the market at $32 million.
Etc.
Outside auditors were fired several years ago.
And Francis remains in see-no-evil mode, ranting about helping poor people.
via Vatican’s investment manager Raffaele Mincione backed company that ‘misled investors’
Blithe Spirit 