The family of former Nicaraguan President Arnoldo Alem??n lost a legal battle to retain $740,000 in bank certificates after a Miami judge determined that Alem??n and an associate purchased them with money they looted from the country's coffers. U.S. District Court Judge Federico Moreno on Dec. 21 ordered the family to forfeit the seven certificates of deposit (CDs) to the U.S. government, six months after the trial. Because the Nicaraguan government asked the United States to trace and seize the funds, Moreno wrote in his decision, "it is assumed that the government will return the funds to the appropriate Nicaraguan...
A federal judge in Miami, Florida, approved the forfeiture of $110 million in U.S. banks that prosecutors say was the proceeds of a 20-year-old public corruption case involving the bribery of Italian judges.
Under the initiative, the organizations will provide training and aid for developing countries seeking to recover funds stolen by corrupt leaders and transferred to financial institutions in foreign jurisdictions.
The family of former Nicaraguan President Arnoldo Alemán lost a legal battle to retain $740,000 in bank certificates after a Miami judge determined that Alemán and an associate purchased them with money they looted from the country’s coffers.