Former Unicredit CEO faces trial

MILAN -- A Milan judge has indicted Alessandro Profumo, the former CEO of Italian insurer Unicredit, and 19 other people connected with an investment plan on fraud charges.

The indictment on Tuesday alleges a (EURO)245 million ($304 million) fraud carried out via an investment plan dubbed `'Brontos." Facing trial are 17 managers from Unicredit and three from London-based bank Barclays, which prepared the 2007 and 2008 transactions.

Last October, financial police seized (EURO)245 million from the bank during the investigation. Unicredit at the time said it was `'convinced" its employees acted properly.

A trial is set for October.

Profumo was forced out of the bank, Italy's largest by assets, in 2010 amid concerns about his leadership and the Libyan government's stake in the company