CD cohort arrested in laundering probe

The Seventh Anti-Corruption Prosecutor’s Office has ordered the provisional arrest of Riccardo Francolini, as part of research on money transfers carried out by Jal Offshore Ltd. out through an investment account that he had in the failed securities brokerage Financial Pacific (FP).

The Cambio Democratico stalwart and Ricardo  Martinelli insider is facing several major corruption investigations which bear the hallmark of an administration in which there were no holds barred in financial manipulations and no locks on the public treasury.

The news of his arrest produced the anticipated outbursts from the remaining members of the Martinelli faction and accusations of political persecution from the party mouthpiece Luis Camacho.

Francolini is linked to this case -according to the prosecution- because through the company Goldline Overseas Business S.A. -of which he is the final beneficiary- $250,000 was turned in favor of the account Jal Offshore investment in FP.

The prosecution suspects money laundering in transactions through    Jal Offshore Ltd. because they came from people and companies that were not linked to the account.

Seventeen others are named in the case including six ex-directors of FP, and two other inner circle members who are under investigation in other corruption probes,  former vice-president Felipe Pipo Virzi and businessman Cristóbal Salerno.

This process originated from a complaint filed on June 22, 2015, by Ramón Diez Becciu, representing Marelisa Quintero de Stanziola, superintendent of securities.