The founder of Italian dairy group Parmalat was sentenced to 10 years in jail for market-rigging in a trial on Thursday over the company's 2003 collapse, while all other defendants were acquitted, judges said.
Calisto Tanzi, who was also the company's chief executive officer, was among eight former executives and bankers, including some former Bank of America employees, on trial in Milan for market-rigging or obstructing market oversight.
Italian prosecutors had sought a 13-year prison term for Mr. Tanzi in this trial in Milan. The main trial over the collapse of the dairy group began in the northern Italian city of Parma, near Parmalat's headquarters, in March.
Parmalat's collapse was one of Europe's biggest financial scandals and Mr. Tanzi was described by a prosecutor as the "hub, who covered up for everyone" in the case.
Prosecutors sought sentences ranging from three years and six months to six years for the other defendants.
Parmalat buckled in 2003 with a €14-billion ($20-billion U.S.) hole in its accounts. Its demise wiped out the savings of more than 100,000 small investors.
Prosecutors have said the accused misled markets by masking Parmalat's dire finances.
In an English-language statement, Bank of America has previously said conviction of its former employees on the charges would be "completely unjustified in light of the evidence which has emerged at trial".
Eight others accused in the case settled out of court in September.
Parmalat was restructured and relisted on the Milan bourse in 2005. Italy's biggest listed food company, it has recouped money from banks in settlements.