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Fugitive banker arrives in Brazil

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By AP
17 July 2008 @ 12:15 pm ET

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RIO DE JANEIRO, Brazil - A former banker charged with masterminding one of Brazil's biggest banking scandals has arrived in Brazil following extradition from Monaco.

Salvatore Cacciola denies he was ever a fugitive from justice.

Cacciola fled to Italy in 2000 after a judge ordered him released from jail pending trial. He avoided extradition in Italy because of his dual citizenship, but he was arrested by Interpol in Monaco last year and arrived in Brazil on Thursday.

A Brazilian court has sentenced Cacciola in absentia to 13 years in prison for bank fraud and bribing officials to arrange a 1.5 billion real--then a US$1 billion--bailout of Banco Marka. The bank lost hundreds of millions when a currency devaluation boosted the value of its debt.

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