High Court frees last of jailed Dominican bank fraud convicts

Santo Domingo.- The Supreme Court’s 2nd Chamber on Thursday ordered the release of the economist Luis Alvarez rental, convicted of money laundering in the Baninter bank fraud case which cost Dominican taxpayers US$2.5 billion.

The Court ruled for the inmate’s appeal of the February 12 decision by the National District Appellate Court, that had denied parole.

The ruling by justices Miriam German, Alejandro Moscoso, Fran Soto and Juan H. Reyes releases Renta, last of the personalities jailed, convicted in the three major bank fraud cases that also included executives of Bancredito and Mercantil.

The SCJ considered that on the procedural aspect of Álvarez income, the revocation of the release of August 15, 2003 was for health reasons, based on the provisions of Article 419 of the old code of Criminal Procedure.