State prosecutor Walter Espinoza gave a day-long closing statement yesterday in the trial of Osvaldo Villalobos, who is accused of fraud, money laundering and illegal financial intermediation in connection with a high-yield investment operation known as "The Brothers."
Villalobos and his fugitive brother Luis Enrique allegedly ran a defunct high-interest personal loan business that handled up to $800 million from more than 6,000 investors, many of them foreigners from the United States and Europe.
"Ofinter served only as a facade for illegal activity," Espinoza alleged, referring to a money-exchange business Osvaldo Villalobos ran. His closing statement began Monday and lasted all day yesterday. Espinoza argued that the business was fraudulent and that those who invested with the alleged "Brothers" scheme were not made fully aware of how the business functioned, an argument that the defense will have a chance to counter when its turn arrives, likely tomorrow.
Espinoza told The Tico Times his closing statements would last until today and would be followed by the statements of civil prosecutor Eduardo Acuña, who is presenting over 200 private claims added to the government's prosecution, cases known as querellas.
After the defense gives its closing statement and defendant Osvaldo Villalobos has the last word, which is expected to happen by early next week at the latest, the judges in the case have up to 10 business days to declare a verdict. |
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