Fresh FP financial crimes investigation

THE FORMER  director of supervision of the Superintendency of Securities Ignacio Fábrega (currently jailed)  and  ex directors of  Financial Pacific (FP) Carlos Osorio and Joshua Chavez will be investigated for financial crimes allegedly trying to transfer $3.8 million of  customers of the brokerage.

Fabrega, Chavez and Osorio were sued for allegedly attempting to transfer $3.8 million of FP customers to Banvalores societies, SA which owns shares of FP and Remington Corporation, SA

The transfer of funds it was made on June 11, 2014, when Chavez and Osorio were allegedly alerted by Fabrega that FP was to be investigatedby SMV.

The  charge was filed by Jose Angel Hidrogo, liquidator of FP. In resolution of January 29, 2015, the Thirteenth Circuit Prosecutor admitted the complaint.

Rogelio Galvez, lawyer for Osorio presented a complaint  on the grounds that Hidrogo acted in a personal capacity when the complaint was admitted on behalf of FP.

In a December 29 resolution, Judge  Johann Barrios dismissed the appeal on the ground that, as liquidator of FP, Hidrogo is entitled to have and implement measures in relation to the assets and property of the brokerage and therefore assumes the representation of the institution.

The complaint states that after being alerted by Fabrega, Osorio Chavez and contacted the brokerage Openworld Sociedad de Bolsa, SA which operates in Uruguay, which had a custody account  of clients’ money to invest in FP.