During the banking crisis at the end of the last century, Pedro Delgado was the risk manager of the National Finance Corporation (CFN) and co-author of Decree 1492 along with Juan Falconi and Jamil Mahuad, the legal team that hurt millions of depositors during the banking holiday.
His cousin, the President Rafael Correa Delgado, in 2007 asked the economist Eduardo Valencia to prepare a reportabout the bankruptcy of the CFN during the banking holiday, the same which produced a national loss of 1.178 billion dollars, where the primary culpable parties were Pedro Delgado, Jamil Mahuad and Juan Falconi.
Pedro Delgado was also the National Supervision Chairman for Financial Institutions and as such, signed with his sister-in –law, Raquel Endara, an overreaching presumptuous report to incriminate the Isaias brothers for the alleged misuse of funds delivered by the Central Bank to Filanbanco. The report would be used by the prosecutor as the basis to initiate the investigation against the Isaias brothers.
In 2001, Delgado fled the country to avoid facing trial for falsifying documents. He returned in 2007 as a presidential advisor; he connected Falconi to Correa and on July 8, 2008, from Miami, Delgado instructed members of the Banking Board on the confiscations of the assets of the Isaias Group. Later, Pedro Delgado and his brother-in-law, Francisco Endara, were put in charge of the administration of the confiscated assets.
President Correa also named Delgado head of the Central Bank and assigned to him the management of the ties with Iran, China, Russia and Venezuela.
Delgado was involved in the corruption and looting of the confiscated businesses such as EICA, La Troncal / Ecudos, Maxigraf and Petromanabí; as well as the Duzac-Cofiec case. In spite of the incriminating complaints made against Delgado, President Correa put his hands in the fire for his cousin and even paid him public homage at a hotel in Quito. Delgado, finally, had to resign from his post and publically confess that he had forged his economics degree and with the complicity of the regime fled to Miami where he remains a fugitive.