Marcos Used California Overseas Bank to Launder Money for Imelda’s Shopping And Purchase of Properties in the US

In 1990 Ferdinand Marcos dummy Roberto Benedicto surrendered to the Philippine government the California Overseas Bank. Marcos used it to launder money including Imelda’s shopping & purchase of U.S. properties. Marcos gave Benedicto the sugar monopoly that caused the Famine of Negros

Excerpt from the March 1990 Article from

The California Overseas Bank, which prosecutors said had been partially owned by ousted Philippine president Ferdinand Marcos, pleaded guilty Friday to wire fraud.

The bank was to have gone to trial with Mrs. Marcos next week on charges of racketeering and racketeering conspiracy.

Through its attorney.., the bank admitted that certain officers had opened fictitious accounts to enable money to be transferred to the United States from the Philippines.

Link to The Los Angeles Times: Marcos Crony Agrees to Surrender L.A. Bank : Philippines: In return, the U.S. will drop charges. Prosecutors say firm was created to launder money.

Link to United Press Int’l: Court returns assets seized from Marcos crony

Link to Associated Press article ‘Bank With Links to Marcos Admits Illegal Transfer of Philippine Money’

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