(Bloomberg) -- Milan prosecutors requested jail sentences for several former managers of Deutsche Bank AG, Nomura Holdings Inc. and Banca Monte dei Paschi di Siena SpA for colluding to falsify the accounts of the Italian lender and manipulate the market.

Prosecutors, led by Giordano Baggio, asked Lorella Trovato -- the head of a three-judge panel -- for jail sentences in case of convictions for Deutsche Bank’s Michele Faissola, former head of global rates and for Michele Foresti, former head of structured trading. He asked for a six-year jail sentence for Sadeq Sayeed, former CEO of Nomura International.

The prosecutors also requested jail sentences for former Monte Paschi Chairman Giuseppe Mussari and ex-General Manager Antonio Vigni.

The prosecutors’ requests came during a two-and-half-year trial in one of the highest profile European banking cases in the last decade. They are seeking to prove Monte Paschi colluded with Deutsche Bank and Nomura to hide losses at the Italian lender by using complex derivatives trades, respectively dubbed Santorini and Alexandria, that led to a misrepresentation of its finances between 2008 and 2012.

Besides the former managers, the German and Japanese banks themselves are on trial, while Paschi reached a plea-bargain deal in 2016.

In his closing arguments at a hearing Thursday, Baggio also accused Deutsche Bank of running a transnational criminal association. In previous hearings, he used internal Deutsche Bank documents and emails to bolster his case that there were additional, aggravating circumstances to the charges against the German lender.

Baggio on Thursday also requested to seize about 441 million euros from Deutsche Bank and 445 million euros from Nomura, as part of an eventual conviction in the case.

Prosecutors argued that the complex transaction Deutsche Bank helped put in place in 2008 hid about 430 million euros of losses that Paschi was facing on a previous deal, while Nomura’s derivative in 2009 hid more than 300 million euros of losses not reported in the bank’s 2009 income statement.

Both transactions were carried out to cancel previous losses by building up two-leg deals, with one leg granting Monte Paschi an immediate gain and the other loss-making one designed to last for several years in order to pay back the investment banks for the gains realized by Paschi on the first one, according to prosecutors.

©2019 Bloomberg L.P.