MIAMI.- The United States Court of Appeals for the Eleventh Circuit has affirmed a $176 million judgment in a federal civil racketeering case against Luis Alvarez Renta, a prominent financier from the Dominican Republic, announced Matias Dorta and Bryan West, partners at law firm Tew Cardenas who represented the Liquidation Commission of Banco Intercontinental S.A., the plaintiff in the case.

Dorta was lead trial counsel in the case, while West acted as lead appellate counsel.

In October 2005, Alvarez Renta was found liable by a Miami federal jury based on civil claims under the federal racketeering laws and Florida fraudulent transfer laws. The case involved a conspiracy to loot Banco Intercontinental (Baninter), which at the time was the third largest bank in the Dominican Republic. Alvarez Renta subsequently appealed the judgment and raised 10 arguments on appeal.

Rejecting all of Alvarez Renta's legal arguments, the appellate court determined that there was ample evidence for the jury to conclude that Alvarez Renta had engaged in the racketeering activities which diverted Baninter's funds to bank accounts in South Florida. The Court found that there was an abundance of evidence contradicting Alvarez Renta's testimony at trial.

"This case is particularly significant because of the legal issues it raised regarding the reach of the United States racketeering laws and the ability to bring cases to U.S. courts based on international transactions where significant activities occurred in the U.S. through U.S. financial institutions," according to West.

At trial, the Tew Cardenas team presented to the jury dozens of complex international banking transactions where Baninter funds were transferred

to bank accounts in the U.S. under Alvarez Renta's control and used for his own personal and business expenses. The appellate court noted that the jury was presented with evidence to demonstrate that the transactions, which were done in part using a "surreptitious" banking system, were "highly irregular" as compared to normal international banking transactions.

"This case involved complex financial transactions, not to mention transactions that were implemented and designed as part of an attempt to cover up fraudulent activities, and it required a clear presentation to the jury showing, among other things, the flow of the funds," says Dorta.

This civil racketeering (brought under the federal Racketeer Influenced and Corrupt Organizations Act, RICO) and fraudulent transfer case is related to the 2003 collapse of Baninter. After its collapse, the affairs of Baninter were taken over by the Liquidation Commission, a receivership established by the Dominican government.

The Liquidation Commission brought this suit against Alvarez Renta, claiming that Alvarez Renta, with the help of Baninter insiders, wrongfully diverted millions of dollars in Baninter funds to finance other business ventures and personal expenses.

Three RICO claims and one fraudulent transfer claim were tried, and the jury returned a verdict for the Liquidation Commission in all respects. After trebling of the racketeering damages, the judgment totals in excess of $176 million.