"Juve budgets? Impossible to dispute them. Prisma in Milan? No surprises"

Interview with Federico Consulich, professor of criminal law at the University of Turin and expert in economic and financial crimes: "In football you cannot have a common opinion on the value of a player's performance"

Good morning Federico Consulich. As a full professor of Criminal Law at the University of Turin, in addition to being a lawyer and expert on economic and financial crimes who also led her to write a book on the subject of market manipulation “Justice and the market”, he was surprised by the 17-page indictment written by the Attorney General of the Court of Cassation who expresses a clear opinion on the need to move the

"Honestly not, because on the issues of jurisdiction for territory for this type of financial crimes we have been wondering for a long time and in particular - since after 2005, when the criminal case took on the current connotations - whether the so immaterial and 'technological' dimension of these crimes is correctly interfaced with the traditional procedural rules that define jurisdiction by territory. The latter are in fact designed for other types of crime: material cases and immediately perceptible in their concreteness (think of crimes against life, those against property or public administration). Precisely for this reason, both in doctrine and in jurisprudence, there has always been a plurality of readings on the place of commission of market abuse.'

So let's try to explain the different cases?

"Let's say there are two big families of market disturbances. Operational manipulation, the one that is done by buying and selling financial instruments (or forcing yourself to do so at a given maturity), which has simpler methods of manifestation and is always carried out on the market, which then jurisprudence tends to place in Milan, where the main stock market is based. And then there is the second big family, consisting of informational manipulations: these materialize in various forms and places. From official releases to simple written or oral statements, even an interview. If I were the CEO of a listed company that provides an answer that does not correspond to the truth questioned by a journalist, then it would be necessary to decide where the crime of market manipulation took place: where did I speak, where did the journalist record the chat on the other side of the phone or in Milan where the shares are then exchanged? In the case of the Juventus trial, we actually have an even different profile."