The small group of Villalobos Brother investors who still believe in the validity of the high-interest scheme have gone to court again.
This was revealed Wednesday by member Fred Pitts, who also reported that the mailing list of the organization had been hacked.
Pitts called the hacking attack sabotage and speculated it could be linked to the group filing the lawsuit Friday.
The nature of the suit was not disclosed, but the group, known as United Concerned Citizens & Residents has continually claimed that the investigative raid on the Villalobos money exchange house and other locations July 4, 2002, was illegal. Their claims were supported by an analysis by the lawyer they hired, David E. Romero Mora.
Romero has said that he thinks the case against the government has a high probability of success.
The group argues that the raid disrupted the Villalobos business and caused the brothers to go out of business. Their suit will be hampered by the fact that one brother, Oswaldo, has been convicted of aggravated fraud and illegal banking by a trial court that characterized the operation as a ponzi scheme.
The United Concerned Citizens opposed the criminal action against Oswaldo Villalobos and urged other investors to withdraw their claims. Many did and did not participate in the money awards that were part of the sentence. Many of the members of the group expect the fugitive Luis Enrique Villalobos to return and pay them off when the statute of limitations on the criminal allegations takes effect in 2012. Perhaps as much as $1 billion was lost by investors when the high-interest scheme collapsed. Not only that, the crash reverberated through other similar schemes run by others during the early part of 2002. For example, The Vault high interest scheme run by Roy Taylor, had substantial investments with the Villalobos Brothers. Taylor shot himself when police came to arrest him.
Romero has said that “The action of Costa Rican authorities, through a series of deeds completely corrupt and invalid, damaged all of these people who believed in good faith that Costa Rica had a rule of law protecting them.”