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Friday, January 29th, 2016  |  USD: Buy 531.29 / Sell 543.92
20 years

Accused fraudster, Luis Milanes to face criminal trial next year

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Luis Angel Milanes (Archive image).

Luis Angel Milanes (Archive image).

September 29th, 2014 (InsideCostaRica.com) Luis Angel Milanes Tamayo, the 63-year-old Cuban American accused of defrauding some 500 mostly American and Canadian investors out of $46 million when his Costa Rica-based high-yield investment program, Savings Unlimited, closed down 11 years ago, will face a criminal trial in July of next year after failing to comply with the terms of a settlement agreement with his alleged victims.

 

Criminal judge, Dayanna Segura, said Milanes failed to pay $578,000 in cash to the victims as part of a settlement agreement that was reach in May 2011.

 

At the time, Milanes agreed to turn over nine properties valued at $12 million and pay $1.8 million in cash by November 2012 in order to avoid a criminal trial.

 

Milanes delivered the properties and $1.2 million in cash, leaving $578,000 of the settlement agreement unpaid.

 

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  • roberto

    What do you want to bet that he flees to Cuba before the trial starts?

  • HONEST MAN

    I would like to know why this scum bag was allowed to be free for 11 years? Costa Rican justice ministry is so corupt.

    • Real Friend

      And then you have Ann Bender who was convicted and sentenced to 22 years in prison even though she complied with all the travel restrictions and never fled the country. I wonder what will become of the 20 million in gemstones and tens of millions of dollars in property and assets now that she’s in prison? Is there a chance Costa Rica decides to give that back or more likely try to keep it anyway they can?

  • Ken Morris

    This is strange, since I can’t imagine a fellow of his ill-gotten affluence choosing to go to trial instead of forking over less than 2% of his windfall, though maybe he’s spent it all during 11 years of high living. My guess though is that there’s another wrinkle to this story.

    • roberto

      The money is in another country, waiting for his arrival.

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