Another unexpected twist in the Savings Unlimited case

The Savings Unlimited case has made yet another unexpected turn.

The high-interest operator Luis Milanes has been freed from prison after an appeal court overturned his conviction for fraud, but the specifics have not been provided yet by the Poder Judicial.

What is known is that the case might be appealed again to the criminal section of the Corte Suprema de Justicia and that civil money awards to 400 investors might stand. But collecting might not be possible.

Also facing a loss of a payday are lawyers who represented those who put money in the Milanes high-interest operation. A
few lawyers obtained earlier financial agreements for their clients, and these appear to continue in force.

Milanes got 15 years from a criminal trial panel. Informal reports say that the conviction was overturned because Milanes already admitted guilt and was sentenced on a related charge.

This is similar to the sharp lawyer who brings his client facing a motor vehicle homicide charge to court in the U.S. and engineers a guilty plea for bald tires. The law is the same here that someone cannot be tried on the some facts twice.

The appeals court decision is said to be many pages. Milanes shut down his Edificio Colón financial operation in November 2002 and vanished until June 2009.

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