Six Convicted in Decevale-Isspol Case With $693M Repair Order

A tribunal has convicted six defendants in the Decevale case and ordered a massive repair payment tied to losses at Isspol, the Social Security Institute of Ecuador's National Police.

The ruling was issued on Thursday, June 18, 2026.

The Sentence

The tribunal found six defendants guilty of falsedad de información, or false information.

Each received a sentence of six years and eight months in prison. The ruling also includes a $693,000,000 repair payment to Isspol.

The Fiscalía had issued an accusation against 12 defendants in the broader investigation.

How The Case Started

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 involved alleged irregularities in securities-market operations.

On June 22, 2021, authorities carried out 11 raids in Guayaquil, Daule and Samborondón. Seven people were detained, and authorities seized computer equipment, mobile devices and relevant documents.

Investigators say Decevale S.A. allegedly signed contracts with companies registered in Panama that were not authorized to operate in the securities market. The company also allegedly signed a deposit contract with Isspol.

What The Financial Allegation Was

Investigators are looking at alleged false information in account statements sent by Decevale to Isspol. Those statements reportedly listed bonds that were not actually under Decevale's custody.

The alleged economic damage exceeds $693,000,000.

Three defendants are fugitives, so their trial stage is suspended while authorities seek their location and capture through Interpol.

What This Means for Expats

Most expats will never interact directly with Decevale or Isspol, but this case is still worth watching because it shows how Ecuador's securities-market supervision and institutional money cases are being handled in court.

If you hold investments, buy property, or move large sums in Ecuador, the lesson is due diligence. Use regulated institutions, keep documentation, understand who is holding your funds, and do not assume that official-looking paperwork means the asset is actually where it says it is.

Ecuador's financial system has serious institutions, but cases like this are a reminder to verify custody, authorization and legal structure before trusting any investment arrangement.