US$2.5 Baniter bank fraud convict to stay in jail

Santo Domingo.- A National District judge on Tuesday refused to hear an appeal filed by the economist Luis Alvarez Renta, now serving time in Najayo prison for his role in the Baninter bank fraud case.

Ninth Penal Chamber judge Rosanna Vasquez ruled to return the case to the San Cristobal Criminal Court, where the Sentencnig Judge ruled to allow Alvarez to spend one-year under house arrest on health issues.

His lawyers Erik Raful, Joaquin Zapata and Ingrid Hidalgo filed the mortion, claiming Alvarez’s rights were violated.

Alvarez Renta and ex Baninter president Ramon Baez Figueroa were convicted of bank fraud in the collapse, whi ch cost Dominican tax payers US$2.5 billion.