Former Guatemala Prez used US banks to launder millions (elected to "redistribute" nation's wealth)
An ex-president of Guatemala faced charges in NY that he used US banks to launder millions looted from his impoverished nation. Alfonso Portillo took office in 2000 pledging to redistribute Guatemala’s wealth.
Portillo, 61, allegedly ran scams to drain the impoverished country's coffers. The feds say Portillo embezzled about $2.5M provided by the Taiwanese embassy....$1.5 million was earmarked for “Libraries for Peace”....books for school kids.
Portillo personally endorsed three, $500,000 checks issued against an account at the Intl Bank of China in Manhattan, then deposited the cash in the Miami bank account of a Guatemalan bank controlled by “a close associate and political supporter” .....the money was funneled to bank accounts in Paris in the names of Portillo’s ex-wife and daughter.
Portillo swindled nearly $4M defense funds ...and plundered the national bank run by his alleged co-conspirator through overdrafts financed by public reserves -- stolen money paid for expensive watches and cars, for himself and his associates, according to the indictment. (NY POST 5/28/13)
SOURCE http://www.nypost.com/p/news/local/former_guatemala_program_used_from_bJ7Akdr3YK85070OumW5FN
“REDISTRIBUTING WEALTH” usually means the politician will take the taxpayer dollars and give it to themselves, their cronies, and family members....or corrupt companies who will kickback a few hundred thousand as political donations.