the early 2000s. Italian investigators discovered and froze bank accounts in Switzerland; five belonging to Agrama. According to another Italian daily, the Corriere della Sera, the five accounts are said to contain SFr140 million ($109.5 million). This early investigation led to two high-profile trials. Mediaset conviction On November 29, 2006, federal agents raided Agrama's home and offices in connection with Italy's ongoing tax fraud, embezzlement and false accounting investigation of its former Prime Minister Silvio Berlusconi. Court documents revealed the recent search by FBI agents centered on Italian allegations that Agrama, Berlusconi and others fraudulently inflated the price of television rights originally purchased by Agrama so that millions of dollars in kickbacks could be paid to executives of Berlusconi's Mediaset media empire. On October 26, 2012, Agrama was convicted after a lengthy trial involving the buying and selling of US film rights to the Mediaset media company at inflated prices. As his age exceeded 70 years, he was exempted from direct imprisonment and served no actual jail time. According to the Los Angeles Times, on November 21, 2006, prosecutors in Milan, Italy, charged Agrama, along with Berlusconi and ten others, in a trial over tax fraud, embezzlement and false accounting at Mediaset. Mediatrade acquittal In October 2011, Paddy Chan Mei-yiu and Katherine Hsu May-chun, along with nine others (including Frank Agrama and Pier Silvio Berlusconi, son of Silvio Berlusconi), were indicted by a Milan court and charged with buying rights for US television series and movies, then reselling them to broadcasting rights firm Mediatrade (a subsidiary of Mediaset) at inflated prices and laundering the money in a complex scheme. The four companies allegedly involved in this scheme were Wiltshire Trading, Harmony Gold, CS Secretaries and Loong Po Management. According to prosecutors, Chan met Agrama in Cannes, France, in the late 1970s at a trade fair and they decided to form a partnership to trade movie rights internationally. Chan organized a Hong Kong-based Harmony Gold Limited in 1979, records from the city's Companies Registry show. In the same year, Agrama organized Agrama Film Enterprises on Sunset Boulevard in Los Angeles. Four years later, he set up Harmony Gold. He later also became the Los Angeles representative of another Hong Kong company established by Chan, Wiltshire Trading. Prosecutors estimated the illicit profits between 1988 and 1999 amounted to US$170 million. Earlier in 2005, Swiss investigators froze 150 million francs (HK$1.29 billion) at