Robert Vesco

Robert L. Vesco, a native of Detroit, Michigan born on December 4, 1935, gained notoriety after successfully acquiring International Controls Corporation (“ICC”) using profits from his aluminum trading business he started from scratch. Vesco aggressively grew ICC through debt financed takeovers. In 1970, Vesco led a hostile takeover of Investors Overseas Service, Ltd., an investment firm controlled by another financial fraudster, Bernard Cornfeld. After a protracted takeover battle involving questionable hidden transactions, Vesco gained control in February 1971 and Cornfeld ended up in a Swiss prison for fraud. However, Vesco himself became the subject of law enforcement interest when he was accused of looting the company to the tune of $224 million. Facing SEC charges filed in November 1972 and certain criminal charges of perjury and fraud soon to be filed, Vesco became a fugitive in early 1973, hiding in Costa Rica. Prior to his life on the lam, Vesco, now known as the “fugitive financier,” managed to funnel $200,000 in illegal campaign contributions to Richard Nixon’s re-election campaign in an attempt to stop the criminal proceedings. Vesco was later formally indicted in abstentia on fraud charges. Vesco continued to elude federal authorities and left Costa Rica in 1978 and spent time in the Bahamas and Antiqua and unsuccessfully attempted to purchase the Island of Barbuda and turn it into a sovereign state. The new government in Costa Rica would not allow Vesco to return and he continued his flight to Nicaragua and ultimately arrived in Cuba in 1982. He was charged in 1984 for drug trafficking and again in 1989 for drug smuggling by US authorities. Castro refused to extradite Vesco back to the US. In May 1995, Vesco had apparently worn out his welcome in Cuba and was charged criminally for "fraud and illicit economic activity" in connection with a purported miracle drug called Trixolin meant to help the body’s immunity system. Vesco was seeking a deal with Donald Nixon, the former president’s nephew with whom he had previously dealt, to conduct clinical trials of the drug in Cuba. In 1996, Vesco was sentenced to 13 years in prison by Castro’s regime. Supposedly known as the “Minister of Corruption” in Cuba, it is believed that Vesco aided Castro by helping set up offshore business entities in order to avoid the US-led embargo. He reportedly remained there until his apparent death of lung cancer on November 23, 2007.