Oscar-winning Italian producer Vittorio Cecchi Gori has been sentenced to six years behind bars.

The 70 year old was accused of diverting assets from his production firm, Safin Cinematografica, to other holdings, and on Friday (01Feb13) he was convicted of criminal bankruptcy in Rome.

As a result, judge Giuseppe Mezzofiore ordered the Everybody's Fine producer to pay $15.6 million (Gbp9.8 million) in damages, as well as serve the lengthy jail term, according to The Hollywood Reporter.

His lawyer, Massimo Biffa, plans to file an appeal.