Luis Alvarez Renta found guilty

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Guatiao

El Leon de los Cacicazgos
Mar 27, 2004
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As many of you DR1ers have read Mr. Renta was found guilty by a Miami court, he is ordered to pay the Dominican government 176.9 Millions dollars. I have a couple of questions.
1. Do you think this will affect the pending cases of the other individuals involved in the Baninter case?
2. How do you think the government will use this money? How should they use? or do you believe it will be pocketed by government officials?

I am really shocked that he going to pay 176.9 Million dollars! Of course when he appeals he will probably ask the court to lower the amount. Even though this statement might sound ignorant I really did not believe a Dominican individual would have so much money, I mean I read the forbes top 500 list and there has been yet to list a Dominican and the minimum to the list is 500 million (I believe). 176 M is over 25% of 500 M. His defense lawyer stated he is from wealth adding he is nephew of Oscar de la Renta but I ask since he illegally used money to maintain is private lifestyle, how much of his wealth should be considered of hard & honest work?


Peace,
Capo
 
bienamor

bienamor

Kansas redneck an proud of it
Apr 23, 2004
5,050
458
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Why not on Forbes?

capodominicano said:
I mean I read the forbes top 500 list and there has been yet to list a Dominican and the minimum to the list is 500 million (I believe). [/U] work?


Peace,
Capo
Click to expand...

They only count reported earning's not what you have laundrerd
 
S

suarezn

Gold
Feb 3, 2002
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Yep...otherwise I'm sure there would be quite a few Colombians, even more Mexicans and even a couple of Dominicans in there.
 
G

Guatiao

El Leon de los Cacicazgos
Mar 27, 2004
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I just reread the Forbes list & this years minimum was US $900 Million.

I remember they use to include the richest drug lords but I forgot what year they stopped publishing it... if anybody knows please tell me the last year published I really would like to see how many of them are still alive or free.

I still don't think a Dominican whether by legal or illegally terms can be included in the list, I bet some are close like Quirino & Joselito.com and maybe even the Leons, Hazourys of DR society.

Do any of you guys think Mr. Baez is shaking in his boots?
 
E

Exxtol

New member
Jun 27, 2005
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capodominicano said:
As many of you DR1ers have read Mr. Renta was found guilty by a Miami court, he is ordered to pay the Dominican government 176.9 Millions dollars. I have a couple of questions.
1. Do you think this will affect the pending cases of the other individuals involved in the Baninter case?
2. How do you think the government will use this money? How should they use? or do you believe it will be pocketed by government officials?

I am really shocked that he going to pay 176.9 Million dollars! Of course when he appeals he will probably ask the court to lower the amount. Even though this statement might sound ignorant I really did not believe a Dominican individual would have so much money, I mean I read the forbes top 500 list and there has been yet to list a Dominican and the minimum to the list is 500 million (I believe). 176 M is over 25% of 500 M. His defense lawyer stated he is from wealth adding he is nephew of Oscar de la Renta but I ask since he illegally used money to maintain is private lifestyle, how much of his wealth should be considered of hard & honest work?


Peace,
Capo
Click to expand...


Who's Luis Alvarez renta?
 
G

Guatiao

El Leon de los Cacicazgos
Mar 27, 2004
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Luis Alvarez Renta

Exxtol said:
Who's Luis Alvarez renta?
Click to expand...

He is a prominent businessman. He is a financier and consultant to various Dominican & international companies. According to the article he invested at least US $40 Million in Interduty stores. He is the first to be trialed for mismanagement (racketeering & money laundering) of Baninter funds, he used the money to keep his lavish lifestyle, he transferred funds from Baninter to 3 banks in the state of Florida, the case was against Luis Alvarez Renta & these companies: Bankinvest, S.A., Interduty Free, Ltd., and Wadeville Investment, Ltd. He used these companies to borrow money from US Banks using letters of credit from Baninter as collateral, the money borrowed would be transferred to his personal bank account, he pocketed the money to support his livestyle and support his kids lifestyles and the people who had their money in Baninter unknowingly paid for the loans. The total amount borrowed under Baninter was US $58.9 Million but was ordered to pay 3 times the amount.

Miscellanous:
  • His attorneys insisted "he is from wealth"
  • His uncle is Oscar de la Renta
  • He is a sponser of the fullbright scholarship program w/ Harvard University
  • He studied 2 years at MIT and has donated several millions to MIT. (Should also note Mr. R?mon Ba?z Figueroa also studied at MIT)
  • Mr. R?mon Ba?z Figueroa is married to one of Mr. Renta's cousin.

"According to divorce papers filed in Miami by his former wife, Carmen Rita P?rez, Alvarez Renta owned a house and two condos in South Florida, seven condos in ski resorts in Colorado, boats and a yacht, three luxury cars -- including a Ferrari, and three airplanes, including a $29 million Gulfstream jet.
The divorce case also mentioned luxury properties he owned in the Dominican Republic at the Casa de Campo and Punta Cana resorts." - http://www.miami.com/mld/miamiherald/news/special_packages/5min/12927910.htm [Miami Herald Tue, Oct. 18, 2005]

?This guy definitely comes from money but whose money? :lick: :ermm: ;)

Peace,
Capo
 
T

thepiper

New member
Jan 25, 2005
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Well this is good to see. When I saw the names of the people that publicly signed a letter in support of this thief and published it in a newspaper of national circulation in DR I knew he was guilty of something.

I hope Mr. Baez is shaking in his boots and that someday he gets what is coming to him for making the Dominican Republic suffer so much as a result of his theft of 2 Billion Dollars. But I must admit that I don't believe that he will be found guilty in D.R. this I believe is very improbable.
 
P

Porfio_Rubirosa

Bronze
Apr 26, 2002
1,806
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capodominicano said:
He used these companies to borrow money from US Banks using letters of credit from Baninter as collateral, the money borrowed would be transferred to his personal bank account, he pocketed the money to support his livestyle and support his kids lifestyles and the people who had their money in Baninter unknowingly paid for the loans.
Click to expand...
The people who had their money in Baninter paid nothing. Even those with MILLIONS of US DOLLARS deposited in high interest accounts at the Baninter branch in the CAYMAN ISLANDS were paid by the Dominican Central Bank IN FULL WITH INTEREST!

The Mejia administration learned early on that Baninter was insolvent. That which could be looted was already looted. The Central Bank began propping it up with funds to avoid destabilization of the Dominican banking system and macroeconomic disaster. It was these aid funds that Alvarez Renta moved to Miami on behalf of himself and Baez Figueroa. Other scoundrals, like Pepe Goico, got in on the action as well.

That said, no scandal, no bank failure, no total economic collapse, could possibly be big enough for the Dominican elites to not win in the end. In this case, the elites were earning terrific rates of interest with their dollar-based overseas Baninter deposits. The Central Bank paid them all in full, and the Dominican poor and middle class will be paying the price for years to come through higher consumer costs, inflation, taxes, fees, and reduced services and infrastructure.

The only reason why Alvarez Renta is paying the price here is because the IMF is demanding (too little too late, as always) prosecutions and Alvarez Renta made the mistake of connecting himself to the US sufficiently to be subject to US jurisdiction. (Balaguer's people were always careful not to do that.)

To be an elite in the Dominican Republic is like being a Christian, but with no hell!
 
NALs

NALs

Economist by Profession
Jan 20, 2003
13,482
3,186
113
Mirador said:
...


ROTM
Click to expand...
Ok,

I have seen this "ROTM" posts by you a couple of times already.

What does that stands for?

-Just wondering, NAL
 
T

Texas Bill

Silver
Feb 11, 2003
2,174
26
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www.texasbill.com
Probably "Right On The Mark"

A US vernacular expression, used very frequently in all walks of US society.

Texas Bill

PS:

Nope, I was wrong----
Shame on me for ass----uming that I knew.

TB
 
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