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Italian Financier Arraigned On Fraud Charges In LA

One of two Italian financiers accused of

acquiring MGM studios through fraud has been arraigned in Los Angeles.

Florio Fiorini has agreed to plead guilty to conspiracy, securities fraud and filing false reports with the Securities and Exchange Commission. As part of the plea deal, Fiorini is required to cooperate with a government probe of the French bank Credit Lyonnais.

Credit Lyonnais financed the acquisiton of MGM by Fiorini and Giancarlo Parretti from Las Vegas billionaire Kirk Kerkorian.

Speaking through an interpreter, Fiorini entered a procedural innocent plea today before a federal magistrate. A date for entering a guilty plea under terms of the plea bargain has not been set.