Local July 16, 2012 | 3:35 pm

High Court rules retrial in US$900M bank fraud case

Santo Domingo.- The Supreme Court on Monday overturned the Bancredito bank fraud conviction of Manuel A. Pellerano and Juan Felipe Mendoza and ordered a new trial to conduct a review of the evidence by the National District Appellate Court’s 1st Penal Chamber.

The high Court’s First Chamber also ordered the suspension of the execution of the sentence and ordered Pellerano and Mendoza released on bond.

Presiding Justice Miriam German and the justices Alejandro Moscoso and Frank Hirohito Reyes ruled to hear the appeals filed by Pellerano and Mendoza, who were serving a 8 year sentence in Najayo Prison, for their part in the Bancredito US$900.0 million collapse, the country’s second biggest ever bank failure.

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