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Patton Boggs Llp
Former Banco Dominicano President Found Liable of Civil Theft Faces $80 Million in Damages
December 14th, 2008
The former President of Banco Dominicano del Progreso, S.A. -- Banco Multiple was found liable of civil theft, fraud charges and breach of fiduciary duty against the bank and its related companies and now faces at least $80 million in damages. Miami-Dade County Circuit Court Judge Mary Barzee-Flores ruled late Wednesday that Pedro Castillo converted bank funds for his own use, breached his fiduciary duty to the bank, defrauded the bank and committed civil theft. Barzee-Flores found that Castillo fraudulently concealed the true state of the bank's affairs from its board of directors, audit committee, external auditors and Dominican banking regulators....
Source: Pharma Investments, Ventures & Law Weekly (2008-12-14)
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