Financier found liable in suit.
A powerful financier from the Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. has been found
liable in an illegal money transfer case, handing a victory to
authorities trying to recoup millions of dollars lost in the collapse of
the country's third largest bank, reports AP (Nov. 8, 2005). A jury
In Miami found Luis Alvarez Renta Luis Alvarez Renta (born April 9, 1950 - ) is a wealthy businessman from the Dominican Republic who was found liable by a federal jury in Miami of civil racketeering and illegal money transfers in a conspiracy to loot Baninter bank during its final months of existence in 2003. liable on three counts of racketeering Traditionally, obtaining or extorting money illegally or carrying on illegal business activities, usually by Organized Crime . A pattern of illegal activity carried out as part of an enterprise that is owned or controlled by those who are engaged in the illegal activity. and one of fraudulent money transfer in a civil case stemming from the
collapse of Banco Intercontinental, or Baninter. It awarded US$59
million to the Dominican government commission liquidating Baninter. The
award will be tripled. The nine-day trial was the first connected to the
collapse of Baninter, which folded in 2003 after losing some US$2.2
billion through embezzlement embezzlement, wrongful use, for one's own selfish ends, of the property of another when that property has been legally entrusted to one. Such an act was not larceny at common law because larceny was committed only when property was acquired by a "felonious taking," i. , fraud and bad deals. Authorities later
found that the bank had hid accounting records.
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