Former Dom Rep banker sentenced, fined US$82m
Published: Wednesday | July 29, 2009
The president of a collapsed Dominican bank has been sentenced to two years in prison for fraud and ordered to pay more than US$82 million in compensation.
A three-judge panel imposed the sentence Thursday after convicting Leonel Almonte of defrauding three businessmen. Most of the compensation is for interest on the money they lost on investments at his Grupo Financiero Universal, which collapsed in 1993.
Authorities said he invested clients' money in other financial institutions and kept the earnings for himself, eventually running the bank dry.
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