Fraga used illegal money changers, Estado reports

Arminio Fraga, former president of Brazil's central bank, sent money to Brazil using illegal money changers when he was living in the U.S. in the 1990s, O Estado de S. Paulo newspaper reported.

Fraga sent $68,000 between January 1997 and January 1999 in seven remittances, the newspaper said. Fraga used illegal money changers posing as travel agents that transferred money from his U.S. bank account to an account in MTB Bank in New York held by a company run by moneychangers, the newspaper repor

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