Santiago Botero and Alex Saab face separate legal proceedings in the United States

fraud lawsuit money laundering Finsocial Alex Saab Santiago Botero

Colombian businessman and former presidential candidate Santiago Botero is facing a lawsuit in the U.S. District Court for the Southern District of New York. The plaintiffs, Christofferson Robb & Company LLC and General Investments (Cayman) Limited, allege they were induced to purchase 100% of the fintech company Finsocial in 2021 based on inaccurate financial information. The lawsuit claims that the company's portfolio was either non-existent or in arrears, with potential losses exceeding $150 million. Botero categorically denies the accusations, stating the lawsuit is an attempt to hold him responsible for an unfavorable transaction.

In a separate legal matter, the trial for Colombian businessman and former Venezuelan government minister Alex Saab has been postponed to November 16. U.S. Federal Judge Kathleen M. Williams granted the delay after Saab's defense requested more time to review financial evidence. Saab faces charges of money laundering and conspiracy to conduct financial transactions to disguise the origin of funds. He was deported to the United States from Venezuela in May following a January operation.