In the summer of 2005, this bank was investigated over the Bancopoli scandal, and then by magistrates (GIP) in Rome and Milan.
He regained his freedom on June 13, 2006 because of a general parliamentary pardon by a speedy bipartisan initiative of both chambers in the Italian parliament.
68.4% of the shareholders of the bank where he was the chief executive officer ("amministratore delegato"), voted to sue him in a class action.
As a result of the official investigations by the Italian prosecutors' office (Procura Nazionale) and by the Italian National Bank Banca d'Italia [1] it became clear that for years, Fiorani and his hidden associates had become the total controllers of the Banca Popolare di Lodi, using it to gain control of other small banks such as Popolare di Crema, but also for their own personal advantage, such as getting real estate properties for themselves and for third parties, operating arbitrarily, with absolute internal, external and institutional control.
Thus, according to the (GIP) magistrate Clementina Forleo, many small account holders suffered huge losses.