Dominican business consultant Luis Alvarez Renta has been found guilty by a jury in Miami where he illegally transferred moneys stolen from collapsed Banco Intercontinental to several banks in Florida. Clave Digital also reports that he was found guilty of money laundering after being accused by the Dominican government of participating in a multi-million dollar fraud to transfer the funds out of the DR. He was ordered to pay US$174 million to the Baninter Liquidating commission, according to the sentence disclosed last night. The verdict came as a surprise as it only took the seven-member jury two hours to reach a unanimous decision. According to Central Bank Legal Consultant Fidel Ernesto Pichardo Baba, who was present during most of the trial, the process itself represents the beginning of true fight against corruption in the DR and the sentencing by US court is a clear and exemplary signal for the justice system in our country. Alvarez Renta was accused of using three banks in Florida to hide irregular Baninter operations totaling US$34 million. The greater part of that money had ended up in his personal bank account with Wadevile Investment, a subsidiary of a trust that belongs to his children.
Listin Diario indicates that Alvarez Renta was found guilty of three charges of fund transferring and money laundering by the Court of the Southern District of Florida and sentenced to pay the US$174 million in damages to the Dominican state for those fraudulent operations. The defendant was found guilty of violating the Act of Fraudulent Influence and Corrupt Organizations by participating in a conspiracy to channel money from Baninter to his own bank accounts in the US through a process involving loans. The case was taken to a court in Florida because the use of US financial institutions for the transfer of illegal funds is illegal. The process began 17 October 2005 and was led by Dominican-born judge Jose E. Martinez. The case involves three companies: Bankinvest, S.A., Interduty Free, LTD, and Wadevile Investments, all of which are owned by Alvarez Renta and were involved in the alleged Baninter US$2,000 million fraud. The court has evidence that Alvarez Renta would borrow the money from Baninter with no intention of ever paying it back.
El Caribe reports that the former Baninter consultant didn’t hear the verdict as he had gone to his hotel in Coral Gables to rest, and didn’t get back to the court in time. He will not have to serve a prison term because the case was civil.