Scamfluencers: Giancarlo Perretti - The Italian Job

Episode Release Date: March 31, 2025
Hosts: Scaachi Koul and Sarah Hagi
Source: Wondery

Introduction

In this gripping episode of Scamfluencers, hosts Scaachi Koul and Sarah Hagi delve deep into the tumultuous rise and meteoric fall of Giancarlo Perretti, an Italian businessman who audaciously scampered to the pinnacle of Hollywood's elite. Their storytelling weaves through the intricate web of deceit, financial manipulations, and unbridled ambition that defined Perretti's infamous career.

Early Life and Entry into Business

Giancarlo Perretti, born in 1941 in Orvieto, Italy, presents a murky origin story. While most records suggest he was the son of an olive merchant, Perretti claims he was abandoned at birth and spent his early years in an orphanage until adoption revealed discrepancies during later investigations. By 1958, a 17-year-old Perretti finds himself as a waiter on the Queen Elizabeth ocean liner, a position he later disputes, exposing his penchant for fabricating his past.

Perretti (BBC Documentary): "I was abandoned as an infant on the steps of a church. I spent five years in an orphanage until a local woman adopted me."

Rise to Power in Italy

Through a combination of charm and relentless hustling, Perretti catches the eye of Graziano Versato, a powerful Sicilian politician and businessman with mob ties. By 1975, Perretti inherits Versato’s business interests, including a local soccer team, amidst rumors of mafia affiliations—a claim Perretti vehemently denies. Throughout the '70s and '80s, he expands his empire by acquiring and bankrupting various businesses, including newspapers like Il d'ario and a French newspaper, amassing a significant criminal record without facing substantial legal consequences.

Sachi Cole: "Nobody knows how to make money on news."
Sarah Hagi: "Tale as old as time."

Partnership with Florio Fiorini

In 1987, Perretti partners with Florio Fiorini, an accountant turned financial mastermind with deep connections in Europe’s oil and finance sectors. Their dynamic duo resembles Pinky and the Brain, with Perretti as the flamboyant frontman and Fiorini orchestrating their complex financial schemes behind the scenes. Together, they establish an extensive network of shell companies to launder money and obscure their illicit activities.

Billy Crystal (Oscar Joke at [03:15]): "From now on, the lion is not gonna roar. He's gonna be taking the fifth."

Entry into Hollywood and the MGM Deal

By the late '80s, Perretti sets his sights on Hollywood, leveraging his connections to secure a loan from CLBN, the Dutch arm of Credit Lyonnaise, to bid $1.25 billion for MGM Studios—a historic yet financially struggling entity. Despite skepticism from industry insiders and media scrutiny highlighting his dubious financial sources, Perretti manipulates brokerages and secures the deal, celebrating with extravagant parties and lavish expenditures.

Scaachi Cole (at [42:02]): "Despite having done this show for such a long time and we've covered so many scammers, I'm always shocked at how people are able to fundraise like this."

Downfall Begins: Legal Scrutiny and Mismanagement

Perretti’s lack of genuine knowledge about the film industry leads to catastrophic mismanagement at MGM. With studios incurring daily deficits, missed payments to stars like Dustin Hoffman and Sean Connery, and the infamous publicized incident where he asks for a favorite movie only to claim ignorance of classics like Gone with the Wind, his facade starts to crumble.

Amid increasing legal pressures from both Italian authorities investigating his past frauds and the Dutch central bank scrutinizing CLBN’s risky investments, Perretti's empire teeters on the brink of collapse. Attempts to secure additional funding through forged Picasso drawings result in further financial losses and shattered trust within his network.

Scaachi Cole (at [55:53]): "It's kind of his."

Final Acts and Legacy

In a desperate bid to salvage his deteriorating empire, Perretti orchestrates one last monumental deal to secure MGM, relying on fraudulent loans and deceitful backroom dealings. However, his overreach leads to his conviction for fraud in absentia in Italy, and subsequent legal battles force him to flee the United States. Despite numerous investigations across continents and an Interpol red notice, Perretti escapes severe punishment, returning to Italy where he remains a controversial figure.

Scaachi Cole (at [59:34]): "It's easier than making good work. So rob a bank."

Hosts' Reflections

Scaachi Koul and Sarah Hagi reflect on the ease with which Perretti manipulated the Hollywood and financial sectors, highlighting systemic vulnerabilities that enable such scammers to thrive. They discuss the broader implications of Perretti’s story on the perception of legitimacy within creative industries and the often-blurred lines between genuine success and orchestrated deceit.

Sarah Hagi: "Many industries, Hollywood is kind of based on inventing value of certain actors or businesses or studios and creating a hype machine around it."

Conclusion

Giancarlo Perretti's saga serves as a cautionary tale of ambition unchecked by integrity, illustrating how charm and deceit can orchestrate monumental rises and spectacular falls within the glamorous yet treacherous landscape of Hollywood. Scamfluencers meticulously unpacks every twist and turn of Perretti's journey, providing listeners with a comprehensive understanding of one of Hollywood's most audacious con artists.

Notable Quotes:

• Billy Crystal ([03:15]): "From now on, the lion is not gonna roar. He's gonna be taking the fifth."
• Sachi Cole ([55:53]): "It's kind of his."
• Scaachi Cole ([42:02]): "Despite having done this show for such a long time and we've covered so many scammers, I'm always shocked at how people are able to fundraise like this."
• Sarah Hagi ([59:34]): "It's easier than making good work. So rob a bank."

Sources Referenced in Episode:

• How an Italian Thug Looted MGM, Brought Peretti to Its Knees and Made the Pope Cry by David McClintock in Fortune Magazine
• A Hollywood Mystery by Alan Citron and Michael Siepley in LA Times
• BBC Documentary: The Man Who Definitely Didn't Steal Hollywood directed by John Dower

For more compelling stories of deception and fraud, listen to Scamfluencers on the Wondery App or wherever you get your podcasts.