Italy's Fastweb founder released with hopes of clearing name

Silvio Scaglia, the Italian multimillionaire who founded competitive service provider Fastweb, has been released from authorities after spending a year in prison and house arrest due to his alleged connection to a money laundering scheme.

Last February, Scaglia was taken into custody by Italian police, when he returned from the Antilles islands to Rome in response to an arrest warrant.   

Earlier this week, an Italian tribunal decided to release Scaglia because they did not think that he was a flight risk and that he would cooperate with authorities conducting the investigation.

Scaglia, who is still facing a trial along with 55 other people over a $2.76 billion money laundering scheme via fake international phone service purchases and sales between the years 2003-2006, continues to deny the charges and is working to clear his name.

"I have been released at last after a year spent in prison and under house arrest," Scaglia said in a statement.

For more:
- Reuters has this article

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