Walter Burani and his son Giovanni have been sentenced to six years in jail by a court in Milan for the fraudulent bankruptcy of the Mariella Burani Fashion Group (MBFG); its parent company, Burani Designer Holding; and its subsidiary Design & Licenses. Walter Burani was the chairman of the former luxury goods group while Giovanni was the group's executive director. Walter and Giovanni Burani were also ordered to pay €13 million in summary damages to the administrators of the three group companies affected by the crash as well as two investment funds. Based in Cavriago, in Italy's northern region of Emilia-Romagna, the company was founded in 1960 by Walter Burani with his wife, Mariella, a fashion designer. In addition to the historic Mariella Burani line of women's ready-to-wear, the fashion company owned a number of leather and leathergoods brands, including Baldinini for example, and a portfolio of licenses. Listed on the Milan stock exchange since 2000, MBFG encountered serious problems in 2009, under the impact of the financial crisis, when debts amounted to about €500 million. After declaring bankruptcy, the company was placed in liquidation in 2010.