Prosecution seeks 20 years for Luis Milanes, accused of defrauding millions from American and Canadian investors in Costa Rica

Milanes, far right, appeared in court wearing blue and white checkered pajamas. (PHOTO: LA NACION / Fair Use)

November 26^th, 2015 (ICR News) Costa Rica prosecutors, in their closing arguments this week in the criminal trial of alleged high-yield investment fraudster, Luis Tamayo Milanés requested that the man be sentenced to 20 years in prison for his crimes.

The trial of Luis Milanes, a now 65-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 nearly 13 years ago, began in July.

Many victims lost most of their life savings, and their retirements, in what prosecutors say was a ponzi scheme.

Milanes appeared in court wearing pajamas during closing arguments this week, claiming he had spent the morning at the San Juan de Dios Hospital in San Jose.

The trial came 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.

A verdict and sentencing in the case is expected soon.