Caloia was president of the bank known as Instituto de Obras da Religião (IOR) from 1999 to 2009. He and two lawyers who consulted the bank were accused of embezzlement during the management of the sale of Italian properties owned by IOR between 2001-2008, allegedly declaring less than the real value of the sale.
The Vatican court also sentenced the two lawyers. Gabriele Liuzzo, 97, received the same sentence as Caloia. Liuzzo’s son Lamberto Liuzzo, 55, was sentenced to five years and two months in prison.
Each man will also have to pay fines and will be banned perpetually from public office, according to a Vatican statement.
All three denied wrongdoing during the trial, which began in 2018.
The Vatican bank has long been plagued by financial scandals.
At the time, Becciu said he was accused of embezzlement and declared his innocence during a news conference after he was effectively fired by Pope Francis.
In 2013, Pope Francis created a committee of experts to recommend reforms to the Holy See’s economic and administrative structures to combat the problem.