The Criminal Division Tribunal at the Pavas Courthouse has sentenced attorney Moises Vincenzi to a five-year prison term for his role in a scheme to defraud an elderly Canadian couple in Costa Rica. According to a report by Evelin Andino of daily tabloid Diario Extra, the amount of money scammed by Mr. Vincenzi is close to $8 million.

The expats who were ripped off by this lawyer retained his services because they were not able to conduct certain monetary transactions in Costa Rica since they are foreigners. Essentially, Mr. Vincenzi drafted an unlimited power of attorney and conned his victims into executing it. Instead of handling their affairs, the court found that Mr. Vincenzi conduct fraudulent real estate transactions.

To commit the crime, Mr. Vincenzi took advantage of the draconian turn banking regulations have taken in Costa Rica in the last few years. During the last administration of former President Oscar Arias, legislators and the Central Bank in Costa Rica heeded advice from the United States on bank secrecy and anti-money laundering measures; as a result, certain laws and regulations now make it notoriously difficult for foreigners to open bank accounts. It is important to note, however, that foreigners who become legal residents can get personal bank accounts with their DIMEX card, and there is also the option of becoming a principal in a domestic corporation (such as a Sociedad Anónima),

The Canadian expat victims, Allan and Margaret Rutter, are pleased that the court decided to send Mr. Vincenzi to prison. Ms. Rutter told Diario Extra:

“I am happy and feel as if a great weight has been lifted off my shoulders. I am happy that he has been sentenced to prison; he is a criminal.”

The couple added that this unpleasant incident has not turned them off from living in Costa Rica. They want to spend their final days here.