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Original article: Fallo 3\u20132 y voto Vivanco: exfiscal Gajardo pide indagar \u201csi hubo coimas\u201d por brutal rebaja a Julio Ponce Lerou<\/a><\/p>\n The debate has reignited: a tweet from former prosecutor Carlos Gajardo<\/a> has once again highlighted the controversial 2020 ruling of the Cascadas case<\/a>, which saw a historic fine against Julio Ponce Lerou<\/a> slashed from US$62 million<\/strong> to around US$3 million<\/strong>, decided by a narrow 3\u20132<\/strong> margin in the Supreme Court.<\/p>\n In his message, Gajardo emphasized the significance of the fine reduction correlating with the close vote of 3\u20132 in the Third Chamber and pointed directly to the influence of \u00c1ngela Vivanco<\/a> in this decision. He further asserted that this incident merits investigation.<\/p>\n In his post on X, Carlos Gajardo stated: \u00abIn 2020, the Supreme Court reduced the fine against Ponce Lerou from 62 to 3 million dollars. The decision was 3 to 2 with Vivanco\u2019s vote. When the Supreme Court expelled Vivanco, it credited her with irregularities in various cases, including this one. There should be an investigation into whether there were bribes.\u00bb <\/p>\n En 2020 la CS rebaj\u00f3 multa a Ponce Lerou de 62 a 3 millones de d\u00f3lares. El fallo fue 3 a 2 con el voto de Vivanco. Cuando la Suprema expulsa a Vivanco le acredita irregularidades en diversas causas entre ellas esa. Debe investigarse si hubo coimas.https:\/\/t.co\/PduBTExE7e<\/a> pic.twitter.com\/id4cicelCY<\/a><\/p>\n \u2014 Carlos Gajardo Pinto (@cgajardop) January 31, 2026<\/a><\/p>\n<\/blockquote>\n The tweet has reopened the discussion, but the history of the fine reduction for Julio Ponce Lerou<\/strong> is longstanding, rooted in the core of the Cascadas case.<\/p>\n The civil side of the Cascadas case dates back to 2014, when the then Superintendence of Securities and Insurance<\/strong> (SVS) sanctioned Ponce Lerou with a historic fine for violations related to stock market operations involving cascade companies. The penalty was affirmed initially and later confirmed in appeals; however, during this period, the fine amount began to be reduced, sparking a controversy that eventually reached the Supreme Court. In 2020, the highest court confirmed the violations, but the debate centered on whether to uphold the reduction made by the Court of Appeals.<\/p>\n In 2016, the 18th Civil Court of Santiago validated the penalty, and in 2019, the Court of Appeals of Santiago also confirmed the violations, but reduced the amount to 75,000 UF, \u00abless than US$3 million.\u00bb This cut was linked to a 2018 Constitutional Court ruling that declared unconstitutional the regulation allowing fines of up to a third of the transaction amount in case of irregularities. This shift reframed the discussion from \u00abwhat happened\u00bb to \u00abhow much should be fined.\u00bb <\/p>\n In 2020, the Third Chamber of the Supreme Court of Chile unanimously confirmed the violations, describing a scheme of coordinated transactions \u00abin amount and time.\u00bb The division arose in the state\u2019s appeal to annul the reduction imposed by the Court of Appeals. The majority\u2014Mar\u00eda Eugenia Sandoval, \u00c1ngela Vivanco<\/a>, and associate judge Diego Munita<\/strong>\u2014rejected the state\u2019s request, asserting that the Constitutional Court\u2019s ruling was binding. The minority\u2014former Supreme Court President Sergio Mu\u00f1oz<\/a> and the associate judge Pedro Pierry<\/strong>\u2014argued for maintaining the original fine, contending that Ponce did not timely challenge that unconstitutionality.<\/p>\n Today, Gajardo\u2019s tweet brings back to the forefront the reduction of the fine against Ponce Lerou, the 3\u20132 vote, and the call to investigate \u00abif there were bribes.\u00bb The debate resurfaces, especially in a context where Vivanco was detained by OS7 of Carabineros following an order from the Seventh Guarantee Court of Santiago after the Supreme Court admitted a complaint from the regional prosecutor of Los Lagos, Carmen Gloria Wittwer, concerning the \u00abBielorrussian scheme<\/a>\u00bb investigating alleged judicial corruption crimes.<\/p>\n<\/div>\n\n
Fine Reduction for Ponce Lerou: The Origins of the \u00abCascadas Case\u00bb<\/span><\/h2>\n
Fine Reduction for Ponce Lerou and the 3\u20132 Vote in the Supreme Court<\/h2>\n