Local September 5, 2012 | 11:58 am

Court acquits ex bankers in US$900.0M fraud case

Santo Domingo.- A National District court Wednesday morning ruled to acquit ex-bankers Manuel Arturo Pellerano and Juan Felipe Mendoza of criminal charges stemming from alleged bank fraud in the 2003 collapse of Bancrédito, which cost Dominican taxpayers US$900.0 million.

Court of Appeals Acting presiding judge Victoria Manuel Hernandez based his decision on the lack of judicial action by the prosecution and the plaintiff, the Central Bank.

The ruling also halts the court-ordered penalties against the accused, including exit restriction and a RD$10.0 million bond.

Eldia.com.do reports that the Court ruled for the motion by Appellate Court Prosecutor Jose del Carmen Sepulveda, after the prosecution dropped the charges. “Great satisfaction was felt and expressed by relatives of the ex-bankers in the hearing where the court’s decision was announced.

Pellerano and Mendoza were sentenced to eight years in prison by the National District Court of Appeals, a ruling upheld by the Supreme Court which sent them to Najayo prison, where they spent nearly four years.

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