Another U.S. bank Ferdinand Marcos bought to launder funds was Redwood Bank in San Francisco. Dewey Dee admitted he & Rolando Gapud were dummies of Marcos in buying the Bank breaking U.S. Federal Laws. PCGG recovered and sold Marcos’ shares in the bank for $6.8 million in 1999.
Chicago Tribune March 23, 1986 article MARCOS GRAFT STAGGERING excerpt:
Continue reading In 1980, Marcos Used Cronies to buy Redwood Bank in SF to Launder Stolen Money From Philippine Government
In addition to stealing from foreign businesses and governments, Marcos and his cronies appear to have used a collection of banks in Manila, California and elsewhere, including their country`s own central bank, to steal directly from the government they controlled.
The most common scheme appears to have involved overcharging the central bank in connection with government-financed projects and keeping the difference.
”Suppose Marcos` cronies ordered equipment from a foreign country and then overpriced the equipment,” one Manila source said. ”Maybe it was worth $5 million and they put $6.5 million on the invoice. That $1.5 million is what they pocket, and no one is able to trace anything specific.”