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Gai Mattiolo arrested for alleged bankruptcy fraud

By the Associated Press

ROME (AP) -- The Italian financial police say they have arrested fashion designer Gai Mattiolo on a charge of fraudulent bankruptcy.

Officer Stefano Catorci says Mattiolo was placed under house arrest in Rome early Friday for allegedly siphoning funds from his fashion house before declaring bankruptcy.

Catorci says another suspect was also arrested on the same charges. He did not give further details because the investigation was continuing. The Rome-based fashion house Gai Mattiolo declined comment.

Mattiolo was seen as a rising star of Italian fashion in the 1990s, when his sexy, over-the-top style, laden with gold and precious beading, wowed the upscale ladies from his native Rome. His fame soon spread to the Milan and Paris runways.

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Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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