Published by Global Banking & Finance Review®
Posted on February 4, 2026
2 min readLast updated: February 4, 2026
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Italian police are investigating Triestina Calcio, owned by House of Doge, for money laundering and financial irregularities involving public funds.
MILAN, Feb 4 (Reuters) - Italian tax police said on Wednesday they searched the headquarters of third-tier football club Triestina Calcio, owned by U.S. cryptocurrency company House of Doge, as part of a money laundering investigation.
The finance police carried out searches at the club's offices in the northeastern city of Trieste and at the homes of 15 people suspected of money laundering, false accounting and invoices for non-existent transactions.
The investigation, led by Trieste prosecutors, covers the period from 2022 to 2025, during which the club had three different owners: Atlas Consulting, LBK Triestina Holdings, controlled by U.S.-based LBK Capital, and, from September 2025, House of Doge, the commercial arm of the Dogecoin Foundation.
Triestina Calcio, Atlas Consulting, LBK Capital and House of Doge were not immediately available for comment.
The investigators are focusing on two areas, two sources with direct knowledge of the matter said.
The first concerns 10 million euros ($11.82 million) of public funding received by the club. Checks are under way into how the money was ultimately used, the sources said.
The second strand concerns around 40 million euros received by the club via U.S. and Canadian banks.
Despite this inflow of funds, Triestina is currently burdened with debts of 60 million euros, the two sources said.
($1 = 0.8464 euros)
(Reporting by Emilio Parodi; editing by Gavin Jones and Bill Berkrot)
Money laundering is the process of making illegally obtained money appear legitimate. It typically involves three steps: placement, layering, and integration.
Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates on decentralized technology called blockchain.
Financial crime refers to illegal acts committed for financial gain, including fraud, money laundering, and embezzlement.
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