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Asset Search Blog Investigating & Recovering Hidden Money & Other Assets

Guatemala’s Former President & His Alleged Illicit Assets

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Public Corruption, White-Collar Crime Generally

U.S. prosecutors issued a press release yesterday announcing the extradition of former Guatemalan President Alfonso Portillo.  Mr. Portillo’s extradition to the United States was based on his alleged money laundering.

Yesterday, Mr. Portillo was also arraigned in federal court in Manhattan.  Although Mr. Portillo was remanded to the custody of the U.S. Marshal, the Court’s docket reveals that Mr. Portillo will be applying for bail within the next two weeks.

As outlined by a 12/1/2009 indictment, prosecutors accuse Mr. Portillo of participating in a public corruption scheme.  The Forfeiture Bill of Particulars filed by prosecutors, lists Mr. Portillo’s alleged illicit assets reportedly laundered during the scheme.

These assets consisted of funds supposedly washed through bank accounts in multiple jurisdictions, including New York, Miami, Paris, Luxembourg and Switzerland.  Pages 8-9 of an IRS Special Agent’s August 9, 2012 declaration, chart the suspected movement of the funds:

(Click Below To Read The Entire Declaration)