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Guatemalan Police Arrest Former Campaign Financer

June 11, 2004

GUATEMALA CITY (AFP) –Embattled banker Francisco Alvarado, afriend of former President Alfonso Portillo(2000-2004), was arrested Tuesday onsuspicion of fraud, according to governmentsources.Alvarado, who was the principalfinancer of Portillo’s 1999 campaign, wasarrested in the southeast department ofSanta Rosa and transported to the capital,according to the National Civil Police.The banker faces a series of charges offraud and abuse of authority that date backto 2001, when Portillo’s government offereda $200 million bailout to the Metropolitanoand Promotor banks, with which Alvaradowas involved. The banks filed for bankruptcyanyway.According to the Prosecutor’s Office,more than 80 charges have been filedagainst Alvarado.

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