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Báez Figueroa was arrested on May 15, 2003 along with BANINTER vice presidents Marcos Báez Cocco and Vivian Lubrano de Castillo, the secretary of the Board of Directors, Jesús M. Troncoso, and wealthy financier Luis Alvarez Renta, on charges of bank fraud, money laundering and concealing information from the government as part of a massive fraud scheme of more than RD$ 55 billion (USD $2.23 billion).
In July 2010 he was convicted of multiple counts of bank fraud and wire fraud and was sentenced to 12½ years in prison by U.S. District Court Judge Sidney H. Stein in the United States District Court for the Southern District of New York in Manhattan.
In 2003 the Internal Revenue Service (IRS) seized it, claiming he and another partner had purchased it with the proceeds from a Ponzi scheme in which they sold a thousand unsuspecting investors "prime bank notes" with a guaranteed 400% return, for a total of $56 million in fraudulent gains.
Báez Figueroa was arrested May 15, 2003 along with BANINTER vice presidents Marcos Báez Cocco and Vivian Lubrano de Castillo, the secretary of the Board of Directors, Jesús M. Troncoso, and financer Luis Alvarez Renta, on charges of bank fraud, money laundering and concealing information from the government as part of a massive fraud scheme of more than RD$ 55 billion (USD $2.2 billion).
Indicted on bank fraud charges with William Waugh and Earl Smith, who had earlier been involved in a failed attempt on the life of mobster Edward "Punchy" McLaughlin, authorities believed his death may have been in connection to the ongoing gang war with the McLaughlin Brothers and the Winter Hill Gang.
John J. Rigas, the founder of Adelphia, was charged with conspiracy, bank fraud, and securities fraud.