Convict in Dominican Republic’s biggest bank fraud gets probation
San Cristobal, Dominican Republic.- Former banker Ramon Baez Figueroa obtained his release on probation Thursday, on a ruling by a San Cristobal province (south) judge.
Báez was serving a 10 year prison sentence and was fined more than RD$63.0 million, for his role in the fraud which led to the collapse of the Baninter bank in 2003.
San Cristobal Sentencing judge Willy de Jesus Nuñez handed down the ruling at 11:40am, in a courtroom packed with Baez’s relatives and friends.
Baninter’s collapse of–the biggest in Dominican Republic’s history- cost taxpayers US$2.5 billion and sent the country’s economy into a tailspin, heralding a crisis which lasted nearly four years.
During the audience, Baez said he felt like a new man today and asked Dominicans to let him rejoin society.