Dec. 12, 2006, 1:28PM
© 2006 The Associated Press
SAO PAULO, Brazil — Brazilian police arrested the former owner of Banco Santos and his son Tuesday on charges of money laundering, criminal association, bank fraud and conspiracy.
Edemar Cid Ferreira and his son Edemar Rodrigo Rodrigues Cid Ferreira had both been convicted earlier of the crimes but had been freed pending appeal in August after spending 88 days in jail.
On Tuesday, a judge ordered them back to prison to begin serving their sentences of 21 and 16 years respectively.
Ferreira's lawyer Arnaldo Malheiros said they planned to appeal the decision.
Banco Santos went bankrupt in September 2005, leaving behind debts of over $1 billion.
The elder Ferreira is considered one of Brazil's largest art collectors and was instrumental in organizing the Guggenheim Museum's "Brazil: Body and Soul" exhibition in 2001. He was also involved in failed efforts to open a branch of the Guggenheim in Rio de Janeiro.
http://www.chron.com/disp/story.mpl/ap/fn/4396725.html
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