Decade-old saga comes to an end as Costa Rica court sentences investment fraudster Luis Milanes to 15 years in prison

Milanes, far right, appeared in court wearing blue and white checkered pajamas during closing arguments in late November. (Photo: La Nacion / Fair Use)

December 10^th, 2015 (ICR News) The Criminal Court of San Jose sentenced Cuban American, Luis Tamayo Milanés to 15 years and 8 months in prison Thursday morning, ending a 13-year saga that began when his Costa Rica-based high-yield investment program, Savings Unlimited closed down more than 13 years ago.

The trial of 65-year-old Milanes began in July, more than a decade after the closure of Savings Unlimited.  Milanes stood accused of defrauding some 500 mostly American and Canadian investors out of $46 million USD.

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

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

Milanes’ defense attorney told reporters that his client plans to appeal.

In closing arguments in late November, prosecutors had sought 20 years in prison for Milanes.

Editor’s note: Were you a victim of Savings Unlimited and Luis Milanes?  If so, we’d love to hear your story.  Please drop us a line at [email protected].