Slice panettone into 1 inch slices; cut each slice into 4 wedges. In a small bowl, whisk together the mascarpone, orange preserves, and orange juice. In a separate large bowl, whisk the eggs, cinnamon, and nutmeg.

Heat the olive oil in a large skillet over medium heat. Dip the panettone into the egg mixture, coating well. Place into the hot oil; fry until golden brown, about 3 minutes per side. Serve with the orange mascarpone sauce.