Pepe was loaned to Piacenza Calcio also in the second level in July 2004, in order to gain experience. On 31 August, Roma sold the rest of his registration rights to Palermo for another nominal fee. It was reported that Roma chairman Franco Sensi owed his Palermo counterpart Maurizio Zamparini money, and both Pepe and Cesare Bovo were sold to the latter at an un-economic price to settle the debt, but the former denied this, stating the transfers were totally transparent.