 He had previously been President of Banco Canarias de Venezuela (2001–2005).In 2007 Cedeño, then President of Bolivar-Banpro Financial Group, was arrested in a crackdown by Venezuelan officials on individuals circumventing government currency rules to gain U.S. dollars.On 8 February 2007, Cedeño was accused by the Venezuelan Attorney General of aiding Consorcio MicroStar with illegal dollar transactions.