The court hearing to amend the terms of the coercive measures applying to Teodoro Hidalgo, president of financial company Inversia, has been rescheduled for 6 March 2017, after Hidalgo and his wife did not attend the original date for the hearing. They are both currently serving 12 months on remand in jail.
Dozens of those who have lost money attended the hearing. Depositors claim the level of fraud reach upwards of RD$1.2 billion. Among those affected are former employees of the Cervecería Nacional Dominicana, the Presidente beer brewery, mostly pensioners who deposited their savings in the nonregulated financial management company attracted by the company’s promise of high rates of interest. Prior to setting up the financial entity, Hidalgo was a high-ranking officer at the brewery, where he earned the trust of the future depositors.
Michell Maria Evertz Estevez and her husband are accused of fraud, forging documents, criminal association and violating the Monetary and Financial Law. Since November 2016, Hidalgo has been in the jail in San Pedro de Macoris and his wife is in Najayo women’s prison.
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Inversia
22 February 2017
