Biography & Early Wealth Journey

Some of the bonds were formed from unpaid public health debt on the part of companies to medical institutions in Italy, debt that was then bought off in huge quantities by the financial institutions in question. Other bonds were backed by the financial resources of a refugee camp in Calabria that was later discovered to be run by individuals convicted of stealing millions from European Union coffers.

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€1 billion, or about $1.1 billion in American dollars, worth of these private bonds were purchased by these institutions from between 2015 and 2019, including Banca Generali and Banca Generali Fund Management Luxembourg.

Primary Income Streams & Multi-Million Contracts

The full fallout behind the news is yet to be seen, but Banca Generali is claiming in a press statement that at the time it invested in the mafia-backed bonds it was without any knowledge of their organized crime connection.

'Ndrangheta isn't as famous outside Italy as the Sicilian mafia most often depicted in popular crime fiction, but Europol and other organizations have classified it as one of the richest criminal organizations in the entire world, with an estimated annual financial turnover of some $49 billion.