US Conviction and Imprisonment
In 1994, the Venezuelan banking system collapsed – after the breakdown of President Perez’s regime in 1993 and the failure of Banco Latino, the second largest bank in the country. Castro's enterprises also failed.
Castro fled to the US and settled in Miami. Venezuelan banking regulators seized Banco Progreso in December 1994. Castro was later charged in absentia by the Venezuelan government with bank fraud, embezzlement, and conspiracy. Banco Progreso losses neared US$2.2 billion and dragged down three more banks controlled by Castro.
On April 4, 1996, Castro was indicted in New York by District Attorney Morgenthau, along with his son, Orlando Castro Castro, and grandson Jorge Castro Barredo, on charges of a scheme to defraud in the first degree. The three Castros were convicted on grand larceny charges on February 19, 1997. In April of that year he was sentenced to a term of one to three years in prison. The larceny was defrauding depositors of Banco Progreso International de Puerto Rico of as much as US$55 million. His crime also cost the government of Venezuela more than US$8 million.
Castro Llanes served 25 months in prison, then voluntarily returned to Venezuela. In 2007, Castro convicted of criminal libel against Miguel Henrique Otero, the director of newspaper El Nacional He was sentenced to two months imprisonemt. However, by Venezuelan laws, he was granted parole for being older than 65 years.
Read more about this topic: Orlando Castro Llanes
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