After what has been a revolving door of comings—but mostly goings—at Google (NSDQ: GOOG) in Europe during the last six months, now country manager for Italy Massimiliano Magrini has moved on to become an investor in digital media. He says, via Thestartup.eu, that he wants to re-create Silicon Valley in Milan through a business incubator and investment fund, joined by 20 other Italian digital leaders. Magrini says he wants to “develop in Italy what venture capitalists are already doing in USA” and that he’s already had good feedback from the Italian financial community, which isn’t known for backing digital companies.

Magrini’s exit comes just one week after Google adwords exec Grady Burnett left for Facebook and North America head of agency relations Erin Clift became the third Big G exec to defect to Yahoo (NSDQ: YHOO) following the captures of Tim Armstrong as chairman and CEO and Jeff Levick as president, global advertising and strategy. Add to that former FT.com publisher Ien Cheng moving to Bloomberg and the departure of former Doubleclick CEO David Rosenblatt and it adds up to an impressive roster of talent that has left Google in recent weeks and months.

The last time Google made headlines in Italy was when four executives found themselves in a Milan court answering charges of defamation and privacy violation due to a mobile phone video uploaded to YouTube of Italian youths mocking a child with Down’s syndrome in 2006. The Googlers pleaded for a “fast-track” resolution to the case in May (via PCworld.com) which speeds up the legal process by just admitting written evidence and also secures lighter sentences in the event of prosecution. A court date is now set for June 23 (via Guardian.co.uk) and the maximum sentence will be three years in jail.

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