752:
724:, said in an interview that the whole affair had been trumped up for political reasons, and that the claim that RD$ 55 billion had been embezzled was "a fable." Castillo went on to say that "very dark interests within the government that are blinded by ambition" were behind his client's imprisonment. He accused the government of wanting to dismember BANINTER and divide the spoils.
676:, run by Pedro Castillo, the brother of Mr. Mejía’s son-in-law, would acquire Baninter. But Banco del Progreso abruptly withdrew from the deal. Government officials said that two-thirds of the money that customers had deposited in Baninter was kept off its official books by a custom-designed software system. Banking regulators and the bank’s auditor,
731:
His defenders also said former
President Mejía saw Báez Figueroa as a threat to his personal wealth and political influence and to Mejía's ambition to win another term in office. Taking control of BANINTER's media properties and using them to win over public opinion, not cleaning up a scandal, was
700:
On
October 21, 2007, after the long trial that concluded on September, Báez Figueroa was sentenced by a three-judge panel to 10 years in prison. Additionally, he was ordered to pay restitution and damages totalling more than $ 31 million. The laundering charges were excluded, but another suspected
683:
In April 2003, the government took control of
Baninter. Mr. Báez Figueroa’s family owned more than the 80% of the bank, and soon after, a deeper examination supported by the International Monetary Fund and the Inter-American Development Bank, revealed the scale of the meltdown.
735:
Even after his arrest Báez
Figueroa remained a central figure in the country's elite, readily accessible even in jail. Within days of his arrest, he received visits from president Leonel Fernández and Hatuey de Camps, then president of the
711:
The accusations against two other defendants, Báez’s personal assistant and former
Baninter vicepresident Vivian Lubrano, as well as the secretary of the Baninter Board of Directors Jesús M. Troncoso, were dismissed for lack of evidence.
664:
Moreover, it was prompted, as detailed at length in the trial that opened in April 2006, by a scandal involving debt writeoffs and sweetheart loans or other financial deals suspected of having favored leading politicians and others.
691:
among them, the criminal proceedings against Mr. Báez
Figueroa began on April 2, 2006. However, the Collegiate Court decided to postpone the first hearing for May 19, 2006, accepting a motion by the defense lawyers.
637:
The resulting central bank bailout spurred 30 percent annual inflation and a large increase in poverty. The government was forced to devalue the peso, triggering the collapse of two other banks, and prompting a
613:
Báez
Figueroa was arrested on May 15, 2003, along with BANINTER vice presidents Marcos Báez Cocco and Vivian Lubrano de Castillo, the secretary of the Board of Directors, Jesús M. Troncoso, and financer
720:
Friends of Báez
Figueroa, groping to explain the shortcuts he took in running BANINTER, pointed to his political connections and a lack of competent managers at the bank. Báez Figueroa's lawyer,
596:
He was the CEO of Banco
Intercontinental (BANINTER) from 1993 until its collapse in 2003; he and his father controlled at least 80% of the shares. He was lionized as the Dominican
570:
996:
569:
He married María Rosa Zeller
Barrous, they had 2 children and divorced. On 12 January 1997, he remarried to Patricia Álvarez DuBreil, the granddaughter of the industrialist
1011:
953:
658:
1021:
593:
was around US$ 2,000— it was called the "Wedding of the Century"; they divorced in 2013. He married for a third time in June 2014 to Sandra Martínez Yangüela.
702:
1026:
1016:
673:
1001:
49:, accused in 2003 of masterminding the country's most spectacular banking fraud scandal, amounting to more than US$ 2.2 billion ($ 3.6 billion today).
672:
stepped in to support the bank by providing new lines of credit. Anxious for a more permanent solution, the government announced in early 2003 that
810:
871:
668:
Rumors that Baninter might have been in trouble began circulating during fall of 2002, and depositors started to withdraw their savings. The
842:
898:
991:
986:
701:
mastermind of the fraud, financier Luis Álvarez Renta, was convicted and sentenced for money laundering to 10 years in prison.
774:
843:
Ana Mitila Lora Gómez (Listín Diario); José de Córdoba (Wall Street Journal); Doralissa Pilarte (Latin Trade) (2003).
631:
582:
954:
Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
922:
653:
The banking crisis ignited harsh fights over the bank group’s media outlets, including the prominent newspaper
737:
630: 55 billion (USD $ 2.2 billion). This sum would be big anywhere, but it was overwhelming for the
605:
In 2001, BANINTER alone was worth RD$ 25.57 billion or US$ 1.51 billion (US$ 2.87 billion in 2024 prices).
728:
had audited Baninter's books for years and approved them "without any reservations," Mr. Castillo said.
647:
818:
844:
1031:
875:
705:, ex-vicepresident of the Bank, was also found guilty, but his sentence will be read on November 16.
933:
721:
981:
1006:
976:
725:
677:
669:
295:
66:
42:
626:
and concealing information from the government as part of a massive fraud scheme of more than
615:
578:
65:), Báez Figueroa comes from an influential Dominican family. His father is the entrepreneur
971:
574:
104:
58:
8:
688:
46:
782:
623:
654:
589: 2 million of the time (US$ 3.8 million at 2024 prices) —in a country whose
131:
62:
627:
590:
965:
923:
https://news.yahoo.com/s/ap/20071021/ap_on_bi_ge/dominican_bank_fraud_trial_1
757:
687:
With 350 prosecution and defense witnesses slated to testify, ex-President
20:
271:
19. Carolina de las Mercedes Machado Echavarría (1843–1903; niece of #17)
619:
598:
852:(in Spanish). Participación Ciudadana. pp. 157, 178, 205, 209
24:
934:
https://news.yahoo.com/s/nm/20071021/bs_nm/dominican_fraud_dc_2
643:
639:
586:
779:
Cápsulas genealógicas (Instituto Dominicano de Genealogía)
997:
Dominican Republic people convicted of money laundering
585:
in a pompous, ostentatious wedding that cost more than
163:
17. María de la Concepción Machado Peralta (1823–1902)
846:
El Fraude en el BANINTER y sus Efectos en la Sociedad
747:
634:, equivalent to two-thirds of its national budget.
69:, grandson of former president Ramón Báez Machado.
1012:Prisoners and detainees of the Dominican Republic
899:"Boda de Ramón Báez Figueroa con Sandra Martínez"
963:
918:
916:
708:Their defence attorneys said they would appeal.
242:9. Natalia de las Mercedes Soler Machado (1867–)
874:(in Spanish). NCDN. 7 June 2014. Archived from
31: and the second or maternal family name is
657:, which was temporarily seized and run by the
1022:Dominican Republic people of Canarian descent
913:
219:18. Félix Eduardo Soler Rodríguez (1843–1924)
1027:Dominican Republic people of Catalan descent
838:
836:
1017:Dominican Republic people of Basque descent
1002:Dominican Republic prisoners and detainees
808:
766:
833:
804:
802:
800:
57:Descendant of two Dominican presidents (
52:
772:
743:
186:4. Buenaventura Báez Soler (ca. 1900–?)
41:(born 1956) is the former president of
964:
797:
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136:
129:
119:
102:
98:
811:"Fallen Banker Courted in Jail Cell"
781:. Santo Domingo: Hoy. Archived from
13:
901:(in Spanish). Imágenes Dominicanas
773:Espinal, Edwin (10 January 2009).
608:
14:
1043:
992:Dominican Republic businesspeople
661:following the BANINTER collapse.
897:Brito, Reynaldo (17 June 2014).
750:
514:Ramón Buenaventura Báez Figueroa
76:Ancestors of Ramón Báez Figueroa
39:Ramón Buenaventura Báez Figueroa
987:Dominican Republic billionaires
944:Dominicant Today, April 3, 2006
817:. Santo Domingo. Archived from
732:what the government was after.
642: 600 million (420 million
947:
938:
927:
890:
864:
296:Ramón Buenaventura Báez Romano
105:Ramón Buenaventura Báez Méndez
16:Dominican Republic businessman
1:
872:"Se casa Ramón Báez Figueroa"
738:Dominican Revolutionary Party
715:
23:, the first or paternal
7:
695:
680:, were deceived for years.
648:International Monetary Fund
10:
1048:
809:Tony Smith (23 May 2003).
415:
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194:
92:
88:
18:
495:
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407:5. Estela Romano Martínez
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258:
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206:
202:
169:
150:
142:
113:
96:
646:) loan package from the
722:Marino Vinicio Castillo
571:Horacio Álvarez Saviñón
726:PricewaterhouseCoopers
678:PricewaterhouseCoopers
670:Dominican Central Bank
43:Banco Intercontinental
53:Family and early life
744:Notes and references
659:Mejía administration
45:(BANINTER) from the
878:on 1 December 2014
815:The New York Times
674:Banco del Progreso
616:Luis Álvarez Renta
579:Luis Álvarez Renta
132:Ramón Báez Machado
63:Ramón Báez Machado
47:Dominican Republic
703:Marcos Báez Cocco
632:Dominican economy
566:
565:
562:
561:
67:Ramón Báez Romano
59:Buenaventura Báez
1039:
1032:White Dominicans
956:
951:
945:
942:
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821:on 22 April 2014
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785:on 22 April 2014
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624:money laundering
618:, on charges of
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609:BANINTER crisis
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697:
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689:Hipólito Mejía
610:
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591:GDP per capita
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1007:Finance fraud
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977:Living people
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655:Listín Diario
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583:Casa de Campo
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903:. Retrieved
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880:. Retrieved
876:the original
866:
854:. Retrieved
845:
823:. Retrieved
819:the original
814:
787:. Retrieved
783:the original
778:
768:
758:Banks portal
734:
730:
719:
710:
707:
699:
686:
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667:
663:
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636:
612:
604:
597:
595:
575:cousin-niece
568:
513:
56:
38:
37:
32:
28:
21:Spanish name
982:Báez family
972:1956 births
516:(born 1956)
134:(1858–1929)
107:(1812–1884)
966:Categories
905:1 December
882:1 December
856:1 December
789:1 December
775:"Los Báez"
716:Supporters
620:bank fraud
599:King Midas
825:22 April
696:Sentence
33:Figueroa
19:In this
25:surname
850:(PDF)
581:, at
907:2014
884:2014
858:2014
827:2014
791:2014
640:US$
628:RD$
587:US$
573:and
298:(?–)
103:16.
61:and
29:Báez
577:of
512:1.
294:2.
130:8.
27:is
968::
915:^
835:^
813:.
799:^
777:.
740:.
650:.
622:,
602:.
909:.
886:.
860:.
829:.
793:.
644:€
35:.
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