Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Ex-Panamanian President Ricardo Martinelli sentenced to over 10 years in prison for money laundering By: FOXNews.com July 18, 2023 at 13:07 PM EDT Ricardo Martinelli, the former president of Panama, was convicted of money laundering. He has been sentenced to over ten years in prison for the crime. Former Panamanian President Ricardo Martinelli was sentenced Tuesday to more than 10 years in prison for money laundering.Martinelli, 71, had been trying to mount a political comeback in next year’s general elections, but a judge sentenced him to 128 months in prison in a case that revolved around the purchase of a media company.The supermarket magnate who governed Panama from 2009 to 2014 was elected by his party last month as its presidential candidate for the May 5 election.FORMER PRESIDENT OF PANAMA ARRESTED IN FLORIDAThe case, known locally as "New Business," dates back to 2017 and concerns the 2010 purchase of a publishing company that owns national newspapers.Prosecutors said companies that had won lucrative government contracts during Martinelli’s presidency funneled money to a front company that was then used to purchase the publisher. The transactions involved a complex series of foreign money transfers totally $43 million. The front company collecting the money was called "New Business."PANAMA CHARGES 17 PEOPLE LINKED TO ODEBRECHT BRIBE CASEIn closing statements at trial in June, prosecutor Emeldo Márquez had requested the maximum sentence for Martinelli, which would have been 12 years.The judge also fined Martinelli $19 millionMartinelli had denied wrongdoing and maintained that he was the victim of a political persecution. Related Stocks: Fancamp Exploration Ltd Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Ex-Panamanian President Ricardo Martinelli sentenced to over 10 years in prison for money laundering By: FOXNews.com July 18, 2023 at 13:07 PM EDT Ricardo Martinelli, the former president of Panama, was convicted of money laundering. He has been sentenced to over ten years in prison for the crime. Former Panamanian President Ricardo Martinelli was sentenced Tuesday to more than 10 years in prison for money laundering.Martinelli, 71, had been trying to mount a political comeback in next year’s general elections, but a judge sentenced him to 128 months in prison in a case that revolved around the purchase of a media company.The supermarket magnate who governed Panama from 2009 to 2014 was elected by his party last month as its presidential candidate for the May 5 election.FORMER PRESIDENT OF PANAMA ARRESTED IN FLORIDAThe case, known locally as "New Business," dates back to 2017 and concerns the 2010 purchase of a publishing company that owns national newspapers.Prosecutors said companies that had won lucrative government contracts during Martinelli’s presidency funneled money to a front company that was then used to purchase the publisher. The transactions involved a complex series of foreign money transfers totally $43 million. The front company collecting the money was called "New Business."PANAMA CHARGES 17 PEOPLE LINKED TO ODEBRECHT BRIBE CASEIn closing statements at trial in June, prosecutor Emeldo Márquez had requested the maximum sentence for Martinelli, which would have been 12 years.The judge also fined Martinelli $19 millionMartinelli had denied wrongdoing and maintained that he was the victim of a political persecution. Related Stocks: Fancamp Exploration Ltd