This recession followed the collapse of the second-largest commercial bank in the country, Baninter, linked to a major incident of fraud valued at US$3.5 billion. The Baninter fraud had a devastating effect on the Dominican economy, with GDP dropping by 1% in 2003 as inflation ballooned by over 27%. All defendants, including the star of the trial, Ramón Báez Figueroa (the great-grandson of President Buenaventura Báez), were convicted.