By San José, Costa Rica — San José, Costa Rica – The saga of two Ecuadorian businessmen linked to a Costa Rican insurance brokerage and a major international money laundering scheme has reached a pivotal moment. Christian Patricio Pintado García, after spending 10 months in custody, has been released and deported to Ecuador, while his associate, Luis Lenin Maldonado Matute, remains a fugitive four years after charges were filed in Miami.
The case, which first came to light in 2022, revolves around a complex bribery scheme designed to secure lucrative reinsurance contracts from Ecuador’s state-owned insurance companies, Seguros Sucre S.A. and Seguros Rocafuerte S.A. The fallout has implicated officials in Ecuador, a Miami citizen, and the two men who established a legally licensed insurance brokerage here in Costa Rica.
To gain a deeper understanding of the legal complexities and the evolving nature of money laundering in the country, we consulted with Lic. Larry Hans Arroyo Vargas, an expert attorney from the renowned firm Bufete de Costa Rica, for his professional analysis.
The landscape of money laundering is constantly evolving, moving beyond traditional methods to exploit digital currencies and complex international corporate structures. For businesses in Costa Rica, proactive compliance is no longer optional; it is a critical defense. Implementing rigorous ‘Know Your Customer’ (KYC) policies and internal controls is essential not only to avoid severe legal penalties but also to protect the company’s integrity and reputation in a globalized market.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective, which underscores a critical truth for modern commerce: proactive compliance is not merely a defensive measure, but a fundamental pillar of corporate integrity and a key to building trust in the international marketplace.
According to the U.S. Department of Justice indictment in the Southern District of Florida, Pintado and Maldonado, along with Miami resident Esteban Eduardo Merlo Hidalgo, used a company named Royalty Re to facilitate illegal payments. Merlo pleaded guilty in March 2023 to four charges related to the criminal enterprise. The core of the plot involved bribing Juan Ribas, the president of Seguros Sucre, and other officials to steer business toward multinational reinsurance brokers H.W. Wood and Tysers.
The indictment details a systematic conspiracy to illegally obtain and retain business. It alleges the men conspired to pay bribes to officials at the two Ecuadorian state insurers. The financial mechanisms were designed to obscure the illicit funds, which were ultimately laundered for personal enrichment.
The scheme allegedly consisted of conspiring to pay bribes to officials of Seguros Sucre S.A. and Seguros Rocafuerte S.A. of Ecuador, with the objective of obtaining and retaining business for themselves, an intermediary company, and reinsurance clients. This intermediary company would also have received part of the brokerage commission obtained from both insurers and used said funds, in part, to make the bribe payments. Furthermore, the co-conspirators laundered funds related to the scheme to and from bank accounts in Florida, using the proceeds for their personal benefit.
U.S. Department of Justice, Official Accusation
Investigators traced a complex web of transactions spanning several years. Between 2013 and 2018, Merlo and Maldonado allegedly engaged in a conspiracy involving financial transactions exceeding $10,000 derived from illegal activities. Key evidence included an $87,488 wire transfer from a Panamanian account to Merlo’s Florida account in March 2017. Pintado was also tracked making significant transfers from Panama, including approximately $76,000 to a Swiss account held by Seguros Sucre’s president in 2015, followed by other transfers totaling nearly $230,000 that same year. By 2017, the pattern expanded with almost $2 million moved to accounts in Panama and Spain.
While orchestrating this international scheme, both Pintado and Maldonado were residents of Costa Rica, where they operated AGP Correduría de Seguros S.A. The company, which has since been renamed Nexo Correduría de Seguros NCS, was licensed by the General Superintendency of Insurance (Sugese) in May 2016. Following initial reports of the investigation in 2022, Maldonado announced his resignation from his positions at the firm to address his legal situation, claiming at the time to be unaware of the Florida indictment against him.
Pintado’s path diverged significantly when he surrendered to the Court for the Southern District of Florida last year. In mid-2025, he petitioned for supervised release, which the court granted following the payment of a bond. As part of the agreement, he was deported to his native Quito, Ecuador. In his written plea to the court, Pintado described his time in a Costa Rican prison as harrowing, sharing space with violent criminals.
He expressed deep remorse and stated he had apologized to his loved ones with tears in his eyes, having spent hundreds of days in a San Sebastián prison he described as the human cage.
Christian Pintado García, in his court filing
With these arguments and citing the profound impact his incarceration had on his family, the judge approved his release and deportation. His freedom stands in stark contrast to the status of Luis Lenin Maldonado Matute, who remains at large, leaving a critical chapter of this cross-border financial crime investigation open.
For further information, visit sugese.fi.cr
About The General Superintendency of Insurance (Sugese):
Sugese is the public entity responsible for the authorization, regulation, and supervision of the Costa Rican insurance market. Its mission is to ensure the stability and efficiency of the insurance system, as well as to protect the interests of policyholders, insured parties, and beneficiaries.
For further information, visit the nearest office of Seguros Sucre
About Seguros Sucre:
Seguros Sucre S.A. was a state-owned insurance company in Ecuador. It was a central figure in several high-profile corruption and bribery investigations, leading to its eventual liquidation by the Ecuadorian government as part of an effort to reform the state insurance sector.
For further information, visit the nearest office of Seguros Rocafuerte S.A.
About Seguros Rocafuerte S.A.:
Seguros Rocafuerte S.A. was another state-controlled insurance entity in Ecuador. It was also implicated in the widespread bribery scheme aimed at directing lucrative reinsurance contracts to specific international brokers through illicit payments to its officials.
For further information, visit the nearest office of Royalty Re
About Royalty Re:
Royalty Re was an insurance and reinsurance intermediary company. According to U.S. prosecutors, it was a key corporate vehicle used by the conspirators to channel commission kickbacks as bribes to public officials in Ecuador to secure business advantages.
For further information, visit hwint.com
About H.W. Wood:
H.W. Wood is a multinational, independent insurance broker that provides a range of insurance and reinsurance services globally. The company was named in the U.S. Department of Justice indictment as one of the firms for which the defendants sought to illegally secure reinsurance contracts.
For further information, visit tysers.com
About Tysers:
Tysers is a leading London-based insurance broker with a global reach, offering specialist services in various sectors including reinsurance. Now part of the AUB Group, it was also identified in court documents as a beneficiary of the bribery scheme in Ecuador.
For further information, visit justice.gov
About U.S. Department of Justice:
The United States Department of Justice is the federal executive department responsible for the enforcement of federal laws and the administration of justice in the United States. Its various divisions, including the Criminal Division, investigate and prosecute complex financial crimes that have a nexus to the U.S. financial system.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a highly regarded legal institution, Bufete de Costa Rica is built upon a foundation of unwavering integrity and a relentless pursuit of excellence. The firm consistently pioneers progressive legal solutions for its diverse clientele, drawing from a proven track record of success. Central to its ethos is a powerful commitment to social responsibility, manifested through efforts to demystify complex legal concepts and empower the wider community with essential knowledge.
