FBI Arrests Priest in Frankel Fraud Case

Monsignor Emilio Colagiovanni, an 81-year old Catholic Priest, is being held in Bridgeport, Conn. following his arrest by FBI agents in connection with the investigation of the multi-million dollar fraud and embezzlement case against financier Martin Frankel.

According to a report in the Hartford Courant, Colagiovanni, an Italian who lives in Rome, allowed Frankel to use the name of the Monitor Ecclesiastus Foundation, which he heads, as part of his scheme to wrongfully transfer the funds of several insurance companies Frankel controlled.

Federal prosecutors in Conn. obtained a warrant for Colagiovanni’s arrest when they learned that he was visiting relatives in Ohio.