Luis Milanés Tamayo (left)  on June 20, 2008, being escorted to Costa Rica from El Salvador. Milanes was wanted by Costa Rican authorities for fraud.
In the photo, Luis Milanés Tamayo (left) on June 20, 2008, being escorted to Costa Rica from El Salvador. Today, Milanes is a free man after the Appeals Court overturned a 15 year conviction last December.

QCOSTARICA – Luis Milanes, sentenced in December 2015 to 15 years in prison for fraud, related to the closure of Savings Unlimited, in November 2002 and absconding with millions of dollars of investor’s money, is a free man.

The Cuban businessman was related on Monday following a decision by the Criminal Court of Appeal. This was confirmed lawyer Edward Acuña, who represented some 500 victims in the civil lawsuit against Milanes for the loss of US$46 million dollars.

Hugo Navas, representing Milanes in the trial that ended in the December conviction, said the Appeal Court decision confirms the argument made at trial, that his client had already been sentenced to the same offence in another trial, an abbreviated process and included everything related to the financial fraud.

Acuña, in conjunction with the Prosecutor’s office (Fiscalia), said there may be an appeal before the Supreme Court.

For a number of years Milanés operated Savings Unlimited, a money investment house located on the ninth floor of the Centro Colón, in San José, where investors were promised payment of between 2% and 3% monthly on their cash deposits.

The investment house closed its doors on November 25, 2002, months after a similar investment house known as “The Brothers” shut its doors, leaving investors hanging for close to one billion dollars.

Days after the closing of Savings Unlimited, Milanes disappeared. In June 2008, the Cuban businessman was arrested in the El Salvador airport travelling using a false passport and returned to Costa Rica.


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