Quintavalle Proposes
Financial Settlement To
His Investors
Italian businessman,
Matteo Quintavalle,
accused of bilking
millions of American
investors, yesterday
offered his investors a
financial settlement
during a private hearing
at the Juzgado Penal de
Pavas.
Quintavalle is reported
to have offered his
investors us$4 million
dollars in restitution
The offer was turned
down by the lawyers
representing the
investors, who want at
least double that.
The businessman is
holding goods in excess
of us$18 million dollars
that include a hotel,
restaurant, two luxury
homes in Escazú and a
number of luxury
vehicles, according to
Humberto Méndez, lawyer
representing the
investors in the civil
action.
"There are properties
that can be sold,
including tourism
projects that could be
of interest to some of
my clients", commented
the lawyer.
Since no agreement was
reached, Quintavalle
headed back to
preventive detention and
wait out another hearing
scheduled for January
15.
Quintavalle is being
accused by the Fiscalía
(prosecutor) of
offering, by way of
corporations, tourism
projects of which the
investors received
shares without any
backing. The initial
loss was calculated at
us$4.6 million dollars,
Quintavalle acquired
notoriority when he
began to buy up the
contract of prominent
Costa Rican soccer
players to form his own
team. Investors
complained to
authorities that that
had not been the
purposed of their
investment with
Quintavalle and
following his own public
statement that "I am too
rich to got to jail",
judicial authorities
took action and court
ordered preventive
detention (jail) while
an investigation is
carried out.
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