Federal prosecutors say Monsignor Emilio Colagiovanni, 81, who lives in Rome, aided financier Martin Frankel, who is accused of buying up insurance companies, then looting them of more than $200 million.

Colagiovanni, who has served on the board that provides legal counsel to Pope John Paul II, was charged Thursday with wire fraud and conspiracy to commit money laundering. He was arrested in Cleveland as his family was preparing to attend a memorial Mass for his sister.