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Former Giro director outlines struggle to clear his name against financial fraud allegations

Former Giro dItalia director Michele Acquarone has come forward with an open letter to the media that details the struggle he has faced to try and clear his name after being dismissed from his position at RCS Sport a year ago for allegedly playing a role in the disappearance of 13 million from the company.

RCS Media Group, owners of RCS Sport that manages sporting events including the Giro dItalia, Milan-San Remo, Strade Bianche and the Tour of Lombardy, fired Acquarone from his role as Chief Operating Officer last October after discovering the misappropriation of funds. It was reported that the funds were slowly withdrawn from RCS Sport accounts over several years through fraudulent bank statements.

RCS is suggesting that Acquarone should have had knowledge of the financial situation. It was reported that RCS provided him with proof of signed documents that authorised millions of Euro in transactions from RCS Media Group accounts to minor accounts for RCS Sport, accounts that he was legally responsible for.

In a letter to the media, Acquarone wrote that on September 16, 2013 an RCS Media Group control officer showed him a copy of a bank statement that looked forged and said the company had proof that signatures were forged on official documents but that that was the first time he had ever seen an RCS bank statement.

It was the first time I saw an RCS bank statement and it was the first time I went to the bank on behalf of RCS, Acquarone wrote. The banks Director told us that on April 2012 she personally warned the Financial officers at RCS Mediagroup that a staggering amount of money (cash withdrawals) was gradually disappearing from the accounts of RCS Sport. We were shocked. We immediately gave the internal alarm.

Acquarone has always maintained that he is innocent and denies any wrongdoing. He also believes that RCS Media Group has used him as a scapegoat to cover up an uncomfortable situation.

The RCS MediaGroup lawyers instead are saying that it doesnt matter if somebody forged signatures, documents and statements," Acquarone wrote. "They say (they lie) that the Financial and Management control were under my responsibility and I have the culpa in vigilando. They say that I was the Managing Director so the responsibility is 100% mine.

The RCS Media Group's strategy is quite clear, he wrote. RCS has to protect its huge core business (the publishing business, 1,3 billion Euros) and it cant let the Financial Department of the parent company (the heart of the company) be involved in a big scandal. So they had to play dirty. I was the perfect scapegoat. In the last thirteen months I took all the shit on me and nobody ever talked about the parent company involvement.

Acquarone is not under investigation by the Italian police but he questions whether the investigation into the companys misappropriation of funds is still on-going.

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Acquarone writes open letter to media