It's a long story, of course.
According to a book a read called "Todas las posibilidades" (which happened to be Baninter slogan), Ramoncito was comitting a huge fraud using the money from his clients to make unauthorized businesses and get luxury stuff, the most famous being a huge yatch worth several million dollars. All this was known by the government authorities supposed to supervise the banks finances. But they were looking the other way because Ramoncito and Baninter were heavily financing Hipolito's government. At one point, and when all the fraud bills started to catch up with Ramoncito, he demamded Hipolito the payment for all the money he had "borrowed". Hipolito said the government was in no position at the momento to repay all that, and things got ugly. In an often quoted dinner party at Miguel Vargas's house, to which both Hipolito and Ramoncito were invited, an argument between both ensued, and Hipolito allegedly yelled at Ramoncito "If you keep bugging me I'll shut your bank down", to which Ramoncito replied "If you do that, I'll shut your government down". And from there all went downhill. Ramoncito seeked protection from the at the moment obvious PLD's next presidential candidate, Leonel Fernandez. Hipolito went ahead and shut Baninter down and took most valuable posessions from Ramoncito: Baninter, of course, TV stations and even Listin Diario (which actually was owned Ramoncito's father).
The fall of Baninter unleashed a huge crisis that dragged quite a few banks to bankruptcy. The only way Hipo found to pay the clients of those banks, was producing virtual money and hence spiking the exchange rate and inflation. Not all clients received their money, and not all clients were supposed to, since there was a lot of confussion given the many fraudulent business of the banks, but most people did receive their money (although already slashed by 2/3 given the new exchange rate).
Luis Alvarez Renta was supposed to be a financial advisor to Baninter, and was accused of being the master mind of all the frauds. Vivian Lubrano was a financial Vice President and supposed to be the executing arm of the frauds. Ramoncito was, of course, the main stockholder of the bank.
There was a lot of corruption involved in the process of returning the money to the clients. Favors where paid, bogus certificates were issued and then cashed by friends of the government. According to the mentioned book, the then famous "megadiva" Georgina Duluc, who at the time was the lover of Andy Dauhajre (who in turn was leading the technical committe for the shut down), cashed millions of pesos on certificates she never had before the demise of Baninter.
I believe Ramoncito struck a deal with Leonel in which he would go to jail a few years, and all others would be equally treated, and he would reveal, or threaten to reveal, key information about Hipolito's government financial naughty tricks. Current events seem to confirm that thesis.
