Last March, the name of Daniele Migani, Swiss broker and founder of the Xy Group, came under the spotlight due to a lawsuit filed by Luca Cordero di Montezemolo for compensation of 50 million euros. Recently, the Milan Public Prosecutor’s Office launched an investigation that led to the seizure of 18 million euros by the Special Currency Police Unit of the Guardia di Finanza.
According to the note from prosecutor Marcello Viola, Migani is accused of fraud, abusive exercise of financial activity and failure to file a tax return. Investigations conducted by prosecutor Giovanni Polizzi revealed that the broker would have created a sophisticated corporate system to place various financial products in Italy. This includes life insurance policies and derivative financial instruments, sold to entrepreneurs in Northern Italy without the necessary authorizations. Among the alleged victims are well-known names such as the singer Caterina Caselli and the designer Giorgetto Giugiaro, the latter of whom allegedly suffered a loss of 8.6 million euros. Others involved are Luigi Filippo Orsi Mangelli Avera and Federica Minozzi, a well-known entrepreneur in the ceramic sector.
The investigations showed that the group presented its business as legitimate in Italy, deceiving clients profiled as professional investors despite the lack of adequate skills.
The Montezemolo affair is not directly linked to the episodes contested in the seizure decree. However, the complaints collected between 2020 and 2024 highlight an overall financial damage that exceeds 50 million euros. The XY Group responded to the accusations by affirming the legality of its operations. In an official statement, the company expressed surprise at the execution of the seizure and emphasized its compliance with tax obligations in the countries in which it operates.
The investigation into Daniele Migani highlights crucial issues regarding financial activity and investor protections in Italy. With a growing number of complaints and increasing media attention, it will be crucial to observe how the investigation evolves and what measures could be adopted to better protect citizens from deceptive practices in the financial sector.
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