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Convicted ex banker Ramon Baez Figueroa, Pedro Castillo. File photo.
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Santo Domingo.- Ex Progreso bank president Pedro Castillo was sentenced Wednesday by a court in Miami to the pay a US$79.7 million fine, after he was found liable in the fraud case, and to recover the funds he transferred to his particular accounts in that nation.

In reading the sentence, Miami Dade County’s 11th Circuit Court judge Mary Barzee Flores said Castillo "knowingly and without the consent and knowledge or authorization of the plaintiffs, irregularly took funds pertaining to these, for his own use and/or the use and benefit of several of his companies."

Castillo, fired as Progreso’s president in October 2005, was sued in the United States by the bank and affiliates, to recover the funds that according to the charges, the ex executive had embezzled.

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COMMENTS
12 comment(s)
Written by: gmiller261, 27 Nov 2008 8:34 AM
From: United States

See how it is done. Wake up Dominicans.!!!!!!
Written by: generoso, 27 Nov 2008 10:02 AM
From: United States, Quisqueya
Well let's watch how they are going to enforce this judgement. Or what assets they are going to go after that are compromised. That is the question.
Written by: precisionM, 27 Nov 2008 11:09 AM
From: United States, Texas
Generoso, I am not concerned about that part, I have seen bigger fish pay up in the US, I dont see how he can pay his way out of this one like he would in DR.
Written by: rockbottom, 27 Nov 2008 1:47 PM
From: Dominican Republic
The only question I have is who is going to benefit from the "fine"?
Written by: gouletcolonial This user is banned, 27 Nov 2008 3:39 PM
From: Cuba, it is a secret the censors are looking for me
rockbottom they are setting up a special account to deposit the monies.... so genoroso can buy booze and hookers
Written by: domericano, 27 Nov 2008 3:57 PM
From: Dominican Republic
If the money stolen was from the Dominican taxpayers it should be repatriated. While it would be impossible to fairly distribute it fairly it could provide some service or function that would benefit everyone. The key is to have a fair and honest management of these monies by anybody EXCEPT Dominican politicians. How about using it to build new scools in every province to ease the overcrowding! Just a suggestion.
Written by: generoso, 27 Nov 2008 4:12 PM
From: United States, Quisqueya
precisionM
I agree, another great thing we have in the USA to be thankful for is the way justice is done.
In my dreams maybe one day the Dominican justice and court system would be so efficient, impartial and fair to all.
Written by: jacirez This user is banned, 27 Nov 2008 4:20 PM
From: Iran, Zähedän
How is it possible that prosecuting this cretin is so easy for the US; yet he goes free in the DR...?
Are our justice institutions so corrupt that we can't even deliver justice when the crime is so blatantly clear...Are we that incompetent...?
Written by: gouletcolonial This user is banned, 27 Nov 2008 4:22 PM
From: Cuba, it is a secret the censors are looking for me
do not ask these questions jacirez .......the answer will depress you
Written by: generoso, 27 Nov 2008 4:25 PM
From: United States, Quisqueya
jacirez
not incompetent, we are more corrupt and it is destroying our democratic base as a society.
Written by: jacirez This user is banned, 27 Nov 2008 5:14 PM
From: Iran, Zähedän
generoso,

There is corruption in the U.S, no doubt; but it is not the overwhelming, all encompassing rot we see in the DR. You can find pockets of blind justice in the U.S. In the DR on the other hand, corruption is the fine grit that covers everything...
Written by: ABR23, 27 Nov 2008 6:49 PM
From: Puerto Rico
So who are the USA equivelents of BAEZ and Castillo, Greenberg, who was stealing at AIG, with his son. The head of Fannie May, or Fredie Mac. Go back to 1990 and Neil Bush with the Keating 5 and the Savings and Loans scandals. Lay at ENRON.

It just shows that institutions will try to get away with as much as they can and really do not care what happens to the massses. This is not a Dominican problem, this is a human trait called greed.

PLUS they all knew they could buy the govt regulators and politicians.
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