Costa Rica, Friday 15 January 2010

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Colombia Extradites Pyramid Scheme Suspect to US

BOGOTA - Colombia has extradited a suspect in the nation's most notorious pyramid scheme to face trial in the United States. William Suarez is wanted by a New York court on money laundering charges.

Colombian authorities allege that the 42-year-old Suarez was the principal partner of his brother-in-law David Murcia, creator of the company DMG.

Authorities say DMG offered investors interest rates far above what banks offer, but was actually a pyramid scheme that bilked Colombians out of millions of dollars.

Gen. Luis Ramirez of the judicial police says Suarez left Colombia Thursday morning on a plane supplied by the U.S. Drug Enforcement Administration.

Murcia was extradited and indicted before a New York federal court last week. The founder and director of DMG pleaded not guilty to the money laundering charges.

Hundreds of thousands of Colombian lost their savings when police shut down all activities of the company late 2008. Most of the money that had been "invested" in the company is still missing.
   
 

 

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