- Plaintiff
- Banco Intercontinental
- Represented By:
- Sarasua, Alberto (Sarasua Alberto Kiko)
- Defense
- Var Holdings
- Represented By:
- West, Bryan (Tew Cardenas LLP)
Banco Intercontinental (or BANINTER) was the second largest privately held commercial bank in the Dominican Republic, before collapsing in 2003 in a spectacular fraud tied to political corruption.
According to the plaintiff, $58M was diverted from the bank, and a federal judge trebled the damages in entering a judgment on racketeering charges, which entitled the plaintiff to collect $158M.
Var Holdings was an entity related to the perpetrator of the fraud, and allegedly received over $1M as a fraudulent transfer to purchase a condominium. The defendant claimed that the allegedly fraudulent transfer had a legitimate purpose, and that the plaintiffs should have pursued their claim earlier.
The jury found that the transfers were fraudulent.
The jury found the transfers were fraudulent