The Federal Court of Appeal handed down a 15-point deduction to Juventus after an investigation into false accounting of its transfer dealings - with all other clubs investigated, including Sampdoria and Genoa, acquitted of their allegations.
A nine-point deduction had been recommended by prosecutors earlier in the week. Juve have denied any wrongdoing and have announced intention to appeal the decision.
Along with Paratici, a total of 11 current and former directors of the Turin team were slapped with bans.
At this stage, it is unclear if the punishment will apply in English football with the court applying to Uefa and Fifa for an extension of their ban to cover the wider sport.
Andrea Agnelli, chairman until November when the board resigned en masse due to the scandal, has been given a 24-month ban.
Federico Cherubini, the current Juventus sporting director, has been banned for 16 months with eight months for former Czech Republic international and vice-chairman Pavel Nedved.
Several other eight-month suspensions were handed out while Maurizio Arrivabene, Juve’s CEO, has been hit with a 24-month ban.
A Juventus statement on the ruling read: “Pursuant to the revoked decision, the Federal Court of Appeals had rejected the appeal (“reclamo”) brought by the Federal Prosecutor’s Office against the decision of the National Federal Court, which, in turn, had acquitted Juventus and the other parties charged for because of the lack of any disciplinary offence with regard to the evaluation of the effects of certain transfers of players’ rights on financial statements and the accounting of capital gains.
“The Company awaits the publication of the reasons of the decision and announces as of now the bringing of an appeal to the Sport Guarantee Board (Collegio di Garanzia dello Sport) in accordance with the terms of the Sport Justice Code.”
The points deduction will send the Bianconeri, who were third in Serie A but some way off leaders Napoli, down to 10th place.