There are 68 persons who contracted legal services to recover funds from Luis Milanes who cannot be located to receive their money.
That is the report from Gina Renault, herself an investor, who has taken on the chore of trying to locate missing litigants.
Milanes has agreed to settle with his former investors for what Ms. Renault said will be 20 percent of the amount deposited. But Milanes fled Costa Rica in 2002 and did not return until six years later.
All of the former investors who could not be located are clients of Ewald Acúña. The lawyer had a full power of attorney from his clients, so he agreed to the settlement on their behalf even though they were not contacted. Ms. Renault can be contacted at the lawyer’s office: 506-2221-0320.
Almost certainly some of the investors have died, but their heirs would be entitled to their share. Three listings are for families and one is for a corporation.
Ms. Renault is a member of the five-person investors committee that is overseeing the settlement. So is Acuña.
Although the loss to investors was estimated to be about $200 million when Milanes fled and cleaned out his Centro Colón office Nov. 22, 2002, only a fraction of the investors followed up with legal action. They will be the only ones to share in the recovery.
Although Milanes originally agreed to pay $100,000 a month into a trust for distribution to the victims, that amount has been reduced to $30,000 a month, Ms. Renault said.
The investors who have been located so far have received two payments of about 1 percent of their investment, Ms. Renault said. She said she expects that investors will get much more money after properties Milanes turned over to the trust are sold and the proceeds distributed. She said there already has been some interest shown by buyers in the Hotel Europa, the largest asset in the trust.
Ms. Renault also said she has learned that investors in a similar high-interest scheme run by Luis Enrique and Oswaldo Villalobos will be getting a financial distribution in that case in mid-January. Oswaldo Villalobos was put in prison for aggravated fraud.
Enrique Villalobos still is a fugitive.
A.M. Costa Rica has agreed to publish the names of the missing litigants as a public service.
This is the list of Milanes victims who cannot be located
Janet Lee Richardson
Lavon Phillis Taylor