The case of BANCORO, where Fernando Lauría and his wife Isabel Osío de Lauría allegedly misappropriated around 543,654,000 dollars, continues in the U.S., where FOGADE has initiated legal actions against them. The latest update is that the law firm representing FOGADE has filed an amendment, which not only implicates Isabel Osío de Lauría as an accomplice but also names Davos Financial Corporation and Davos Financial Advisors as part of the network of financial institutions used by Lauría to execute the fraud. According to the lawsuit, this is how it unfolded:
– SUDEBAN intervened BANCORO on October 14, 2010, due to insufficient guarantees to meet its financial obligations and protect depositors’ money.
– On December 28, 2010, FOGADE, following mandates published in the official gazette, liquidated BANCORO.
– FOGADE discovered that BANCORO had transferred custody of a series of Venezuelan government bonds (worth 543,654,000 dollars) on September 30, 2010, just two weeks before the intervention. The bonds were redirected to accounts of Lauría and entities controlled by him (YERKOY TRADING CORP) at MMG Bank and other financial institutions.
– Lauría has refused to return to FOGADE (i.e., the Venezuelan state) the control of the bonds and the interests accrued since he illegally took control, until FOGADE pays a supposed debt of 54,073,796.26 million dollars that FOGADE owes to Inversouth Ltd (another entity controlled by Lauría). Essentially, Lauría is demanding about 10% of the value of the bonds.
– Lauría and his wife are believed to have illegally pocketed 105 million dollars in interest generated by the bonds since taking unauthorized control of them.
– Lauría is a fugitive from Venezuelan justice and is under investigation by several federal agencies in the U.S.
– Lauría and his wife allegedly used the financial entities of David Osío (Davos Financial Corporation and Davos Financial Advisors), who has made several schemes with Lauría since the days of Banco Latino.