What Dirt Will The F.B.I. Find On Doral Bank Of Puerto Rico?
On Tuesday, December 23rd, the entered the headquarters of Doral Bank at 1451 Franklin Delano Roosevelt Avenue in San Juan, Puerto Rico. They carried with them search warrants, and they traveled straight to the 6th floor where the information technology department is located. F.B.I.
There is a wide array of speculation on the reason the F.B.I. decided to raid the offices of Doral. The main one is the murder of a top executive back in 2011. The other notion that comes to mind is the ongoing battle between Doral and the government of Puerto Rico over a tax refund that the bank is supposedly entitled to, but the government has chose not to give it.
As an outsider looking in, I have watched some very shady activities in regards to Doral Bank. Maggie has some business with them that has had questionable tactics being done by bank workers. The time I went with her to that bank, I was simply amazed at how she, and other customers were treated.
I have watched many Doral buildings close down. Where there once was a Doral bank is now an abandoned building.
It just seems that there are some things about Doral Bank that has many wondering what kind of illegal activities are certain executives doing?
We will now look at the murder case that has put Doral into the spotlight.
He was a top-notch bank executive.
Maurice Spagnoletti served in bank executive positions for:
- Summit Bank in New Jersey
- Fifth Third Bank in Indiana
- Carolina First Bank in South Carolina
and in September of 2010, he became the Executive Vice President of Doral Bank in Puerto Rico. Maurice was the Head of Mortgage and Retail Banking.
Upon his arrival in San Juan, Spagnoletti started uncovering some very odd and questionable practices within the bank that was in some serious financial trouble. Maurice knew he could help Doral get out of the deep pit it was in, but it would mean a strong restructuring that would also mean job cuts. By all rights, Maurice should have had body guards. The CEO of Puerto Rico Doral Bank, Glen Wakeman should have oversaw that.
Maurice had discovered insider loans for overvalued properties, high dollar mortgages supported by collateral that did not exist, and payments for services never rendered.
Maurice had a beautiful condominium in the Condado area of San Juan. After a long day at the office, Maurice would get in his Lexus to drive the ferocious traffic to his home so he could relax with his wife.
On June 15th, 2011, Maurice made his way in the crazy traffic of the De Diego Expressway. As he neared the Minillas Tunnel in the stop and go mayhem, another car pulled alongside his car. The gunshots rang out and shattered his passenger side window. The car left the roadway, and the killers fled. Maurice was dead on the scene with 3 shots to the head. His very expensive Rolex watch was still on his wrist, so this was not a robbery. This was a professional hit.
Marisa Spagnoletti filed a lawsuit against top execs of Doral Bank, but later dropped the suit.
The questions do remain as to who within the Doral structure knew, or even hired the assassin/s?
Will Maurice's murder be solved with this F.B.I. raid? The lawsuit did claim that Doral defendants were involved in RICO acts. They claimed:
“defendants and others have engaged in a pattern of racketeering activity by, among other things, engaging in bank fraud, murder, as well as aiding and abetting in the commission of those crimes.”
The Defendants Were
The ones who were named in the lawsuit were
- Glen Wakeman-Doral Financial CEO
- Enrique Ubarri-Baragano-Doral Executive Vice President
- José Robles-Doral Security Chief
- Annelise Figueroa-former Executive President of Facilities and Operations at Doral Financial
Maurice had uncovered a few things that were not right.
A vice president asked Spagnoletti to approve a loan to friends for the purchase of a $1 million condominium in Isla Verde. According to the lawsuit, Spagnoletti went to inspect the property and found it had been destroyed by its owner, with even the kitchen appliances having been removed.
A $1 million loan made to a woman who claimed to own a hotel as collateral. The court filing alleged the hotel did not exist and the woman was not paying the loan.
Doral was paying vendors and service providers for work that was never performed.
Was it one of these that got Maurice gunned down?
Doral is in bad shape financially. They have been selling off their loans to other banks. Doral's main headquarters are in New york.
Personally, I hope that Maurice's killers are all caught. This man was just doing his job and was murdered for it. I believe it very well may be an inside job.
What will the F.B.I. find? Is drug money flowing through the bank? Is there a network of unscrupulous banking activity going on with Doral Bank? We will soon know hopefully.
© 2014 Greg Boudonck