FP Directors face grilling over $14 million embezzlement

THE EX-DIRECTORS of the failed Financial Pacific (FP) brokerage, alleged to have had links with former president Ricardo Martinelli, will soon be brought face to face with the only person sitting behind bars over the alleged embezzlement of $14 million committed by the company

Since the  case first opened, the auditor who exposed it disappeared  leaving his home and family behind,  Another investigaor was attacked and stabbed on his way to the FP offices, 

The thirteenth Circuit Prosecutor’s Office headed by Prosecutor Elena Cedeño, has ordered a confrontation between the ex-directors Ivan Valdes and West Clare and their former trusted former employee Mayte Pellegrini, who to date is the only person charged, and who has alleged that Martinelli was involved in a share rigging project involving the Petaquilla gold mine.
Sources close to the process confirmed that Cedeno has not yet set the date for this hearing, which was requested by the defense of Pellegrini reports La Prensa,
Kevin Moncada, of Peliginini’s legal team said that she will finally come face to face with Valdes and Clare and all three will answer questions related to irregularities in the brokerage, which, he said, are the responsibility of the ex-directors and not his client.
On Thursday and Friday, last week officials of the Superintendence of Securities (VPS), including the official Gustavo Gordon, gave a sworn statement to the prosecutor and agreed that the FP’s top executives, Valdes and Clare were responsible for most transactions were conducted in the brokerage.
“In general, client funds were used to cover shortfalls or funding obligations of other sales, which were authorized by the directors of the brokerage,” said an official of the superintendent, questioned as a witness.
In the process, the prosecutor is looking at alleged financial crimes by 13 people, including Pellegrini, but she is the only one behind bars.
By October 31, Cedeno will seek an extension of the preliminary statement of Pellegrini.
Initially, the record in this case was in the hands of Prosecutor Laffaurie Julius Caesar, but this was challenged by attorney Moncada who alleged “enmity”and the prosecutor was separated from the process.