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June 01, 1996|Times Staff and Wire Reports

Businessman Faces Charges Over Failed MGM Deal: U.S. Magistrate Judge Stephen Hillman ordered Giancarlo Parretti extradited to France to face fraud charges linked to the Italian businessman's failed purchase of MGM studios. The magistrate ruled that the French government had established a probable cause that Parretti committed fraud, theft and embezzlement. Parretti was released on $100,000 bail pending the extradition order, which his attorneys said they would appeal. Jay Coggan, one of Parretti's lawyers, said the appeals could take up to two years, during which his client would be free and would remain in the U.S. Parretti is under FBI and Internal Revenue Service investigation for wire fraud, securities fraud, money laundering and tax fraud. He also faces perjury charges in Delaware related to his disputes with French state bank Credit Lyonnais, the studio's current owner that is being sued by Parretti.

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