Babelgum Founder Silvio Scaglia Arrested Over Money Laundering Scheme

Babelgum founder Silvio Scaglia was arrested by police in Italy this past Friday. Apparently there was a warrant out for his arrest made early last week as part of a money-laundering investigation. Since 2007 Scaglia was bankrolling the video startup company based in London. The arrest won’t have any negative impact to the video startup. Babelgum has enough funding to last through the year and beyond. Police in Italy said that Scaglia was part of a 2 billion Euro tax fraud and money-laundering scheme when he worked at Fastweb. Fastweb is an ISP company that Scaglia started in 1999. [NewTeeVee]

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at
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