Luis Alvarez Renta

Luis Alvarez Renta

Luis Alvarez Renta

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Luis Alvarez Renta (born April 9, 1950 - ) is a famed Dominican economist that was found liable by a federal jury in Miami of civil racketeering and illegal money transfers in a conspiracy to loot Baninter bank during its final months of existence in 2003. Alvarez Renta was ordered to pay $177 million to be paid to the Dominican authorities during November 2005.

Biography

Luis Rafael Alvarez Renta was born in Caracas, Venezuela. His father, Virgilio Alvarez Savinon, was a renowned and wealthy Dominican engineer who had been forced into exile during the dictatorship of Rafael Leonidas Trujillo in the Dominican Republic. Arriving in Venezuela with twenty dollars and a suitcase, Alvarez Savinon was able to re-establish his fortune in Venezuela. It was said that in Caracas, "anywhere you looked something had been built by Virgilio Alvarez."

His mother, Thelma Renta, was the sister of fashion designer Oscar de la Renta, and a major social figure in the Dominican Republic in her own right.

Alvarez Renta studied in Venezuela and the Dominican Republic, eventually earning a full scholarship to a Dominican University. He was also able to study in the United States, attending both the University of Michigan and Washington University in St. Louis. His performance in university did not go unnoticed, and he was offered scholarships for graduate work at both Cornell University in Ithaca, NY, and at the MIT Sloan School of Management in Cambridge, MA. He...
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