Decevale-Isspol Judgment Orders USD 693M Repair Payment
A tribunal has convicted six defendants in the Decevale case and ordered a USD 693M repair payment to Isspol, the Social Security Institute of Ecuador's National Police.
The ruling was issued on June 18, 2026, in a case centered on alleged false information and securities-market operations.
Sentence And Monetary Order
| Item | Data point |
|---|---|
| Convicted defendants | 6 |
| Sentence | 6 years and 8 months |
| Repair payment | USD 693M |
| Broader Fiscalía accusation | 12 defendants |
| Fugitives | 3 defendants |
The tribunal found the six defendants guilty of falsedad de información. The ruling includes a repair payment of USD 693,000,000 to Isspol.
Three defendants are fugitives, and their trial stage is suspended while authorities seek their location and capture through Interpol.
Case Background
The process began with complaints filed in September and December 2020 by the Superintendencia de Compañías, Valores y Seguros against Decevale S.A. and Citadel Casa de Valores.
Those complaints concerned alleged irregularities in securities-market operations.
On June 22, 2021, authorities carried out 11 raids in Guayaquil, Daule and Samborondón, detaining seven people and seizing computer equipment, mobile devices and documents.
Investigators say Decevale S.A. allegedly signed contracts with companies registered in Panama that were not authorized to operate in the securities market. They also allege Decevale signed a deposit contract with Isspol.
Market-Governance Issue
The central financial allegation involves account statements sent by Decevale to Isspol. Investigators say those statements reported bonds that were not actually under Decevale's custody.
The alleged economic damage exceeds USD 693M.
For capital-market participants, the case reinforces the importance of custody verification, account-statement controls and supervision of securities-market intermediaries.
What to watch
- Appeals or additional procedural actions after the judgment
- Enforcement prospects for the USD 693M repair order
- Interpol actions involving the three fugitives
- Regulatory follow-through by securities-market authorities
- Any impact on institutional investor confidence in custody structures
Source
El Comercio — “Caso Decevale, seis condenados a prisión y pago millonario tras perjuicio al Isspol”
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