$177M Award In BanInter Fraud Case Affirmed

Law360, New York (June 19, 2008, 12:00 AM EDT) -- An appeals court has upheld a $177 million judgment against a Florida businessman for allegedly defrauding the Dominican Republic's Banco Intercontinental SA, leading to the bank's collapse.

On Thursday, Judge Phyllis A. Kravitch, of the U.S. Court of Appeals for the Eleventh Circuit, shot down an appeal by Luis Alvarez Renta, who argued that a district court should have dismissed the case against him, which alleged that he wrongfully diverted millions of dollars from BanInter, at the time the Dominican Republic's largest bank, to fund other...
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