U.S. Indicts Doral Financial’s Former VP

MANHATTAN (CN) – Doral Financial Corp.’s senior executive vice president Mario “Sammy” Levis juggled the books and corrupted outside audits to benefit himself and his family, who owned shares and options on 9.2 million shares – 8.2% of the company – worth $450 million at the height of his manipulations, federal prosecutors in a fraud indictment against Levis.




     “By the time Levis resigned from Doral in late August 2005, the price of Doral’s share had fallen [from ‘almost $50 per share’) to approximately $14.13 per share (i.e., more than a 70 percent drop), and the company’s shareholders had suffered an aggregate decline in shareholder value of approximately $4 billion,” the government claims.

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