Twelve years in, accused fraudster Luis Milanes in court; prosecution seeks victims

Luis Angel Milanes (Archive image).

July 30^th, 2015 (ICR News) The trial of Luis Milanes, a 64-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 12 years ago, is finally underway and prosecutors are seeking victims to testify in court.

The trial began on July 20^th, though Milanes failed to appear, complaining of heart problems.  On Wednesday, Milanes appeared in court but refused to take the stand or speak in his defense.

The trial comes as the result of Milanes failing to comply with a settlement agreement reached in May 2011 with his alleged victims.

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.

Prosecutors have reportedly sent summonses to some of the allegedly victims, requiring them to testify in the trial.

In November 2014, Milanes unexpectedly shuttered the Hotel Europa in downtown San Jose, which he owned.  The hotel had operated for more than 100 years.