Italian fashion designer charged with fraudulent bankruptcy in Rome

According to this AP story, Italian financial police have said that they have arrested fashion designer Gai Mattiolo on charges of fraudulent bankruptcy in Rome.  The charges relate to Mattiolo's allegedly siphoning funds from his fashion house before filing bankruptcy.

As described, the charge of fraudulent bankruptcy appears to be the more serious of two potentially applicable charges under Italian bankruptcy law.  Fraudulent bankruptcy carries a jail sentence of 3-10 years while the lesser "bankruptcy offence" provides for a sentence of six months to two years.