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.


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