Opinion ID: 78049
Heading Depth: 2
Heading Rank: 4

Heading: The Currency Exchange Transfers[8]

Text: In addition to the transfer-and-note looting scheme, Renta was involved in a separate scheme that caused $10.5 million in losses to BanInter as a result of currency exchange overdraft transactions. In these transactions, Renta wrote checks from Bankinvest's peso-denominated account at BanInter to the Quiseyana currency exchange in the Dominican Republic. Most of the checks were certified; that is, BanInter guaranteed that there were sufficient funds in Bankinvest's account for the transaction, and if there were not, it promised to cover the difference. Once the checks were taken to Quiseyana, it cashed the checks, converted the funds into dollars, and transferred the funds to Wadeville. Because Bankinvest was overdrawn, BanInter supplied the funds. In the seven day period between March 20 and 26, 2003, Renta endorsed $10.5 million of transfers in this pattern.