Caloia served as president of the bank known as Institute of Works of Religion (IOR) from 1999 to 2009. He and two lawyers who consulted for the bank were charged with misappropriating money while managing the sale of Italian real estate owned by IOR between 2001-2008, reportedly reporting less than the actual amount of the sale.
The Vatican court has also convicted the two lawyers. Gabriele Liuzzo, 97, was given the same sentence as Caloia. Liuzzo’s son, Lamberto Liuzzo, 55 years old, was given a term of five years and two months.
According to a press release from the Vatican, every man will also have to pay fines and be banned from public office forever.
All three denied any wrongdoing during the trial, which began in 2018.
The Vatican Bank has long been plagued by financial scandals.
At the time, Becciu said he was charged with embezzlement and declared his innocence at a press conference after being effectively fired by Pope Francis.
In 2013, Pope Francis established a committee of experts to recommend reforms to the Holy See’s economic and administrative structures to combat the problem.