Robert Vesco Guide, Meaning , Facts, Information and Description
Robert Vesco (b ?) is a US financier who fled Securities and Exchange Commission and ended up in Cuba.Robert Vesco found his own financial company, International Controls Corporation. By 1968 the company owned an airline and several manufacturing plants and Vesco held shares total $50 million. Although outwardly a family man, he spent most of his time in gambling.
In 1970 Vesco got involved with Investors Overseas Services (IOS), failing mutual funds company of US financier Bernie Cornfeld. He surreptitiously gained control of the company through number of dummy corporations, one of which had an Amsterdam address that was later linked to Prince Bernhard of the Netherlands. He even broke into a Swiss bank vault to obtain shares. He also befriended Donald Nixon, nephew of US president Richard Nixon. He proceeded to embezzle quarter of a billion dollars of IOS money for his own schemes.
Through Donald Nixon, and surreptitious campaign contributions to president's re-election campaign, Vesco was somewhat protected from the US Securities and Exchange Commission. However, in the aftermath of the Watergate, SEC accused him of embezzling $220 million from 4 different mutual funds and for cocaine trafficking. Vesco fled to Costa Rica.
In Costa Rica, Vesco donated $2.1 million to company of president Jose Figueres. Figueres even passed a law to guarantee that Vesco would not be extradited. Vesco still hired a number of bodyguards.
In 1978 Figueres was ousted and the "Vesco Law" was repealed. Vesco moved first to Nassau and then to Antigua. Costa Rican government blocked his attempt to return. In 1982 he moved to Cuba. Cuban authorities accepted him in condition that he would not get involved in any financial deals. He also married Lidia Alfonsa Llauger.
In May 31 1995 Cuban authorities arrested Vesco, his wife and Donald Nixon. 1996 they sentenced him for thirteen years in jail for being involved with the supposed anti-cancer and AIDS drug TX.