Report on unlimited deposit cash card sent to prosecutor

Panama’s Attorney General has sent a Banks Superintendent of (SBP) report on Pronto Cash to the Financial Crimes Special Prosecutor.

Jose Ayu Prado, has asked the prosecutor initiate an investigation of alleged recruitment and illegal deposit of moneysays  the on line website AbagadodePanama.

Although Ayu Prado did not elaborate on the contents of the document regarding the operations of Pronto Cash the report went to  the prosecutor to determine which of the offices will be responsible for hearing the case, and will be the investigating officer and determine if there is a financial crime.

In addition to the Public Ministry, the Ministry of Trade and Industry carried out an audit of the finances and financial transactions of Pronto Cash after finding preliminary anomalies says AbagadodePanama..

Earlier, the SBP said through a statement that Pronto Cash is not an entity supervised or controlled by them, as it has no license to practice banking business in Panama.

The note stressed that Pronto Cash is not allowed to accept directly or indirectly from the public, money on deposit or in any other form. Only banks and cooperatives regulated by the SBP are authorized to perform this type of transaction.

An investigation conducted by Panama America  revealed that the financial company  Pronto Cash has a system of prepaid cards under the MasterCard brand, where the requirements are minimal and deposits are unlimited. The so-called "financial card" can be recharged via the Internet or via phone, and operates similar to a debit card.

The president of Pronto Cash, Tatiana Nazarova, says her company is in order and has the approval of the entities responsible for regulating the financial sector.

Nazarova is married to Monte Morris Friesner, who was sentenced in U.S. for wire fraud and crimes related to unlawful use of interstate commerce. She is  a Russian citizen  and said that her husband does not have any connection to her  business.

The legal structure of Pronto Cash says AbagadodePanama was set up by the law firm Blandon & Young, which belongs to Deputy Jose Blandon and his partner, attorney Herbert Young.

The finance company is represented in the Ministry of Commerce by Hilda Burgos, who works for the firm Blandon & Young.

The relationship between the  lawyers and Pronto Cash goes beyond legal representation saysAbagadodePanama..  Young's wife, Rita Moreno, acted as president of one of the  Nazarova's companies, Swiss Hanover Realty.

Both Blandon and Young refused to explain their  ties to Pronto Cash and the  family-Nazarova Friesner says the report.