in

Former investment bankers could face jail time over embezzlement scandal

Interbolsa

Colombia’s chief prosecutor on Monday pressed charges against three former executives of what used to be the country’s largest brokerage firm for their involvement in a embezzlement scheme.

According to economic newspaper Portfolio, prosecutors pressed charges against Interbolsa’s former president, Alvaro de Jesus Tirado, and two former members of the firm’s risk committee.

The former executives were charged with fraudulent manipulation, conspiracy to commit a crime and improper management for which they could face over 15 years in jail for the scandal that caused the investment bank’s liquidation in 2012.

Interbolsa operated as Colombia’s largest brokerage firm until November, 2012, when the government liquidated the company after defaulting on a $11 million dollar loan.

The firm has also been accused of links to drug trafficking, prompting the extradition to the US of one of its executive money handlers.

MORE: Interbolsa scandal’s ‘missing link’ to be extradited to U.S.

Sources

The post Former investment bankers could face jail time over embezzlement scandal appeared first on Colombia News | Colombia Reports.

Since you’re here …

… we have a small favour to ask. More people are reading the Today Colombia than ever but advertising revenues across the media are falling fast. And unlike many news organizations, we haven’t put up a paywall – we want to keep our site as open as we can. So you can see why we need to ask for your help. Updating reports on Today Colombia takes a lot of time, money and hard work. But we do it because we believe our reports matter.
If everyone who reads Today Colombia, who likes it, helps to support it by clicking our ads, our future would be much more secure. Do you part, click on an ad today.

Written by Rico

Rico

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!