Feb 25, 2011 6:18 AM GMT+0800 By The Associated Press

http://www.bloomberg.com/news/2011-02-24/fastweb-founder-freed-amid-money-laundering-probe.html

ROME (AP) — The founder of Italian telecommunications company Fastweb has been freed after a year in prison and house arrest as his trial continues into an alleged euro2 billion ($2.7 billion) global money laundering ring.

Silvio Scaglia has denied wrongdoing. In a statement Thursday, he said he never imagined he'd be detained for so long when he turned himself in a year ago for questioning, but that he trusts Italy's judicial system.

Scaglia was one of 56 suspects accused in an alleged money-laundering scheme by Fastweb and Telecom Italia's Sparkle unit to use dummy companies to carry out fake transactions between 2003 and 2007. They are charged with criminal conspiracy to commit tax fraud.

Scaglia sold Fastweb to Swisscom in 2007 and no longer has a role in the company.

Both Telecom Italia and Fastweb contend they were victims of a criminal organization.

The trial began in December.