| Financial Pacific in Panama |
| Misappropriation Funds |
| 24th of Oct, 2012 by User95990 |
Fraud in Panama: Pacific Financial / Financial Forex - Account "Omnibus"
The “Superintendencia del Mercado de Valores SMV” (Panamanian Broker Regulatory Entity) ordered, this past Tuesday, October 16, 2012, and for a period of 30 days, the reorganization of the Broker “Finacial Pacific”, Inc., on the grounds that there were indications that the company confronted administrative problems.
The ambitions of the Broker “Financial Pacific” aren’t ending in the accusations of the “Superintendencia del Mercado de Valores SMV” (Panamanian Broker Regulatory Entity), “Financial Pacific” apparently is involved in other possible violations, perpetrated by senior executives of the firm, who have orchestrated a sophisticated scheme fraud and scam to illegally misappropriation of client’s funds in the firm.
The Broker “Financial Pacific” has damaged the credibility and security of its’ customers and investors, jeopardizing all client’s funds, with possible seizures in Panama, and seizures abroad, including the United States, for possible illegal activities in money laundering ("Anti-Money Laundering") and violations of regulations of Patriot Act. The Patriot Act, which amends the Bank Secrecy Act ("BSA"), was adopted in response to September 11, 2001 terrorist attacks on the World Trade Center in New York. The Patriot Act is intended to strengthen U.S. measures to prevent, detect and prosecute international money laundering and terrorist financing. These efforts include anti-money laundering (“AML”) tools that impact the banking, financial, and investment communities.
“Financial Pacific” created a new legal entity in Panama, with the name “Financial Forex”, and opened several secret bank’s accounts in local and international banks, to managed funds of the customers secretly, without the proper supervision of the “Superintendencia del Mercado de Valores SMV” (Panamanian Broker Regulatory Entity), entity that regulates the activities of the Broker in the Republic of Panama.
"Omnibus accounts” is an account between two futures merchants (Brokers). It involves the transaction of individual accounts which are combined in this type of account, allowing for easier management by the futures merchant. These accounts they termed as "omnibus account", received millions of dollars from hundreds of individuals and entities worldwide. “Financial Pacific” offered to its customers the service to send and receive payments from third parties directly in this special account "omnibus account", and they customers will be charged a service fee for each banking transaction, purported a licensed Bank within banking activities. “Financial Pacific”, through “Financial Forex”, offered this service to small International Banks, whereas “Financial Forex” received deposits from customers of the Bank (third party deposit), and notified to the Banks their client’s deposits, and these deposits are credited to a special investment account at the Broker (“Financial Pacific”). Subsequently, “Financial Pacific” selling to their customers banking instruments called "certificates of deposit" (or “plazo fijo"), and “Financial Pacific” represented there selves with legal authorization of the Panamanian Laws, on this way “Financial Pacific” could managed client’s funds without any supervision, restriction or regulation, and the money was used for personal interests of the owners behind “Financial Pacific”, Mr. Ivan Clare Arias and Mr. West Valdés.
These activities Financial Pacific and Financial Forex are created great concern about the reliability, integrity and transparency of Panamanian regulatory agencies, such as the “Superintendencia del Mercado de Valores SMV” (Panamanian Brokers Regulatory Entity) and the Superintendencia de Bancos de Panamá (Panamanian Banks Regulatory Entity), about the possibility that a Broker orchestrated a sophisticated fraudulent scheme apparent for several years, in violation of Panamanian Laws, and other laws such as the Banking Act, and others international laws of money laundering ("AML"), especially with correspondent banks in the United States and Europe. Federal Agencies of the United States have been informed of the apparent activities and possible violations of money laundering ("AML") of “Financial Pacific” and “Financial Forex”, and these top executives of these entities, Mr. Ivan Clare Arias and Mr. West Valdes. |
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| Several customers complaint against Financial Pacific because they cannot withdrawal their funds. The company gave us a lot of excuses about the delayed of the requesting. |
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La Superintendencia del Mercado de Valores SMV ordenó, este martes 16 de octubre, y por un período de 30 días, la reorganización de la Casa de Valores Finacial Pacific, Inc, por considerar que existían indicios de que dicha empresa confrontaba problemas administrativos.
Esta decisión se adopta en cumplimiento de los objetivos por los que se crea la SMV, y conforme al Texto Único de la Ley del Mercado de Valores, que establece que “la Superintendencia podrá decretar la reorganización de una institución registrada sin necesidad de ordenar previamente su intervención cuando así lo considere necesario para la mejor defensa de los intereses de los inversionistas y para asegurar la solvencia y la continuidad de la institución registrada”.
La SMV designó a la licenciada Maruquel Pabón de Ramírez, como reorganizadora en este caso. La Licda. Pabón de Ramírez, es abogada de profesión, es asesora de la Junta Directiva de la Superintendencia de Bancos, ha sido Secretaria de la Junta Directiva del Banco Nacional de Panamá y Comisionada de la Comisión Nacional de Valores, entre otros cargos relacionados a la banca y el mercado de valores.
Para más información lo remitimos al contenido de la resolución con la cual se ordena la reorganización de la Casa de Valores Financial Pacific, Inc. |
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