U.S. Deports Failed Financier to Mexico to Face Fraud Charges
(Bloomberg) -- U.S. agents deported the owner of failed credit union Ficrea to Mexico on Wednesday to face fraud charges over one of the country's biggest financial institution failures in the last decade.
Rafael Olvera, the majority owner of Ficrea, was delivered to Mexican authorities at the Nuevo Laredo border crossing, said a U.S. embassy official, who was not authorized to speak on the record about the matter. The Attorney General's Office of Mexico said in a Tweet that U.S. agents had returned Olvera, without fully identifying him.
Olvera was detained in Texas in May 2019 on immigration charges and had been fighting his removal back to Mexico in U.S. court. He had previously denied wrongdoing and his lawyers could not be immediately reached for comment.
Olvera was accused by the head of Mexico's banking regulator back in 2015 of diverting at least $184 million from the company for his personal use. Regulators had intervened in the credit union - a non-bank financial firm that pools deposits - and they shut the company down, affecting 6,000 savers. Olvera had purchased several properties in Florida and Texas, the U.S. official said.
Read More: Mexico's $184 Million Savings Fraud Draws Regulatory Review
©2022 Bloomberg L.P.
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