Feb. 3, 2011 / 3:41 PM

Swiss pursue case against Claudio Osorio

MIAMI, Feb. 3 (UPI) -- Swiss authorities are pursuing a case against former CHS Electronics founder Claudio Osorio, saying he defrauded investors of $220 million, court papers show.

In a rare move, Swiss authorities have teamed up with the U.S. Department of Justice in the case, The Miami Herald reported Thursday.

Osorio was once a star of the business world, named "Entrepreneur of the Year," in 1997 by accounting firm Ernst & Young. He is known for helping fund orphanages and for building a school in Haiti, but authorities now say he inflated the value of CHS on paper in order to obtain loans and attract investors.

Swiss authorities say CHS, which Osorio began in Venezuelan in 1983, collapsed due to "fraudulent mismanagement." At its peak, it boasted a sales revenue of $8.5 billion.

Osorio left in 2000, as troubles mounted. The company collapsed soon after that.

Osorio did not return calls to comment on the case. "I know these allegations are serious, but they have to be proven,'' said Roberto Zarco, an attorney who has represented Osorio on other matters.

Osorio, currently the chief executive officer and founder of InnoVida, a building material company, has yet to be charged with a crime, the Herald said.

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