What are Mafia Bonds? And should you have them in your retirement account? Italy’s Banca Generali and other investors from around the world purchased bonds (or asset backed securities) partly backed by the illicit proceeds of the Calabrian ’Ndrangheta mafia group in a transaction where consulting services were provided by accountancy group EY, the Financial Times reported this week, citing financial and legal documents.The private bonds originated from unpaid invoices owed by Italian public health authorities that were bundled in part with assets created by front companies later deemed to have been operating on behalf of the Calabrian organized crime group, the FT said. One of the private bond deals included assets sold by a Sicilian refugee camp that had been taken over by criminals who were subsequently convicted of stealing tens of millions of EU funds.
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