Florida: Lawsuits Over Pinochet Money

[Judi Lynn]

Florida: Lawsuits Over Pinochet Money
By THE ASSOCIATED PRESS
Published: March 13, 2009

The government of Chile has filed lawsuits in federal court in Miami against four banks, claiming those institutions were negligent or had deliberately helped the former Chilean dictator Augusto Pinochet conceal about $26 million in public money allegedly stolen over several decades. The lawsuits name PNC Financial Services Group Inc., based in Pittsburgh; Spain’s Banco Santander; Espirito Santo Bank of Portugal; and the Bank of Chile. A PNC spokesman said the bank would not comment. The other three institutions did not immediately respond to requests for comment.

http://www.nytimes.com/2009/03/13/us/13brfs-LAWSUITSOVER_BRF.html?ref=us

[Judi Lynn]

1. Chile sues U.S. banks over hidden Pinochet accounts

Chile sues U.S. banks over hidden Pinochet accounts
The Associated Press
Updated Thursday, March 12th 2009, 2:39 PM

MIAMI — Chile's government has filed lawsuits against four banks claiming those institutions were negligent or had deliberately helped former Chilean dictator Augusto Pinochet conceal about $26 million in public funds allegedly stolen over several decades.

The lawsuits filed Wednesday in federal court in Miami claim the banks were complicit in the alleged theft of the Chilean funds by Pinochet and others reputedly assisting him. The Chilean government seeks an unspecified amount of damages, although that would likely run into the tens of millions of dollars.

Following basic bank regulations and complying with money-laundering rules would probably have exposed many of Pinochet's hidden accounts, according to the lawsuits filed by Miami attorneys Pedro J. Martinez-Fraga and Tania Cruz on behalf of Chile's State Defense Council.

"More tragically, some of these financial institutions went beyond mere negligence, and instead chose to knowingly and actively assist Pinochet in concealing the source and true ownership of the substantial funds being deposited into their institutions," the lawsuits by Chile's government legal office allege.

More:
http://www.nydailynews.com/latino/2009/03/12/2009-03-12_chile_sues_us_banks_over_hidden_pinochet-2.html

[Judi Lynn]

2. Banks Sued For Allegedly Aiding Chile's Pinochet

Mar 12, 2009 11:59 am US/Eastern
Banks Sued For Allegedly Aiding Chile's Pinochet

MIAMI (CBS4) ―
Four U.S. banks have been sued for allegedly aiding for Chilean dictator Augusto Pinochet in stealing $26 million from his country.

The four lawsuits, filed Wednesday in Miami, seek damages from the banks. While the damages aren't specified, they would likely run into the tens of millions of dollars. The government lawsuits name Pittsburgh-based PNC Financial Services Group Inc.; Spain's Banco Santander; Espirito Santo Bank of Portugal; and the Bank of Chile. In the case of the foreign banks, the lawsuits focus on transactions handled mainly by their Miami- or U.S.-based subsidiaries.

After seizing power in 1973, Pinochet was Chile's president until 1990; he was then the army's commander and senator until 2004. He died in 2006 at age 91.

The Chilean lawsuits allege Pinochet siphoned public money for personal use through a number of ways, including a government presidential security account, accounts opened in the names of Chilean military officers and commissions from various arms deals -- such as a late-1990s transaction involving the sale of German Leopard I tanks.

http://cbs4.com/local/augusto.pinochet.chile.2.957356.html