New York City prosecutors have dropped charges against Lapo Elkann, 39, the younger brother of Fiat Chrysler chairman John Elkann,
The Guardian
reported.
Lapo Elkann had been arrested on charges of faking his own kidnapping in an effort to obtain ransom money.
The office of Manhattan District Attorney Cyrus Vance offered no details other than to say it had declined to prosecute the case,
The Guardian
report said.
Lapo Elkann no longer holds positions at Fiat but is a member of the board of directors of Ferrari, which is also controlled by his family, the article noted.
Italia Independent, a sunglass company founded by Lapo Elkann in 2007, went public on the Milan exchange in 2013. In 2015, Elkann had to invest more money in the company to cover losses,
The Guardian
report noted. (Source:
The Guardian,
Jan. 25, 2017.)
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