Mega Bank president faces insider trading charge

JUST before  regulators slapped the Mega International Bank with a $180 million  fine  over money laundering through  its  Panama  operation,  the bank’s president allegedly  sold shares in the bank.

He has now been arrested for insider trading and is no longer president

The  fine was imposed by New York State regulators for violations of anti-money laundering controls..

The bank has had a presence in Panama since 1974. It currently has 60 employees in the Colon Free Zone and its branch on Calle 50 in Panama City.

After the fine was imposed in New York, the Panama Superintendency of Banks of Panama opened its own investigation which is ongoing.