Judge will decide if Savings Unlimited’s Milanes is fulfilling settlement this month
Luis Angel Milanes (Archive image).
October 1st, 2013 (InsideCostaRica.com) A San José criminal judge will decide this month whether to put on trial the Cuban-American Luis Angel Milanes Tamayo Coto in the case of Savings Unlimited, which is accused of defrauding 500 investors, mostly Americans and Canadians, when it shut down 11 years ago.
A hearing is scheduled for October 28th, at which time it will be determined if Milanes has continued to fulfill an agreement to return funds to investors as part of a settlement to avoid criminal prosecution.
On May 23rd, 2011, Milanes agreed to pay $1.8 million in cash, and to put into a trust nine properties he owned valued at $12 million. The properties were to be liquidated in order to return funds to investors, but many remain unsold. Some investors believe the properties are priced too high and have called for their prices to be lowered.
A year after the settlement, a judge agreed in June 2012 to extended for 6 months the deadline for the liquidation of the assets. The judge also ordered Milanes to begin paying $100,000 per month, in addition to a lump sum of $578,000 by the deadline set, which was November 23rd, 2012.
However, various investors claim that the $578,000 lump sum was not paid. Given that it would be a breach of Milanes settlement – in which case he would be criminally prosecuted – the judge has called the October 28th hearing with the parties involved to determine if Milanes is indeed in breach of the settlement.
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