Caloia was president of the bank known as Institute of Works of Religion (IOR) from 1989 to 2009. He and two lawyers who consulted for the bank were charged with embezzling money while managing the sale of Italian real estate owned by IOR between 2001-2008, allegedly declaring less than the actual amount of the sale.
The Vatican court also convicted the two lawyers. Gabriele Liuzzo, 97, received the same sentence as Caloia. Liuzzo’s son, Lamberto Liuzzo, age 55, was handed a five years, two month term.
Each man will also have to pay fines and are banned from public office in perpetuity, according to a press release from the Vatican.
All three denied wrongdoing during the trial, which started in 2018.
The Vatican bank has long been plagued by financial scandals.
At the time Becciu said he was accused of embezzlement and proclaimed his innocence during a press conference after effectively being fired by Pope Francis.
In 2013, Pope Francis set up an expert committee to recommend reforms to the economic and administrative structures of the Holy See, to combat the problem.
This story has been updated to correct the the number of years that Caloia was president of IOR.