Virzi, Salerno, Martinelli and Financial Pacific

NEW LIGHT has been thrown on the murky history of the failed Financial Pacific (FP) Brokerage exposing the involvement of Felipe Pipo Virzi and Cristobal Salerno, and ex-president Ricardo Martinelli in bailing the company out after an embezzlement scandal.   All three are already under investigation in other scandals.

La Estrella De Panama says The most closely guarded secret by the directors of Financial Pacific about the origin of the funds covered the embezzlement of the brokerage has been exposed

La Estrella has learned that the monies used to cover the financial gap of $12.2 million for the brokerage Financial Pacific came from bank accounts of Christopher Salerno in Multibank, and Felipe Alejandro Virzi, in the Universal Bank.

On December 31, 2012, the state owned bank La Caja de Ahorros issued a $7 million check payable to Summer Ventures Inc.
Why the State bank would issue a check on behalf of Summer Venture Inc., is not yet clear says La Estrella The check bears the signatures of two bank employees

This amount was deposited on January 2 2013 into the Universal Bank account of Summer Venture Inc. which immediately issued a cashier’s check for $7 million for to Financial Pacific at Banco Universal
Another check from the Multibank current account of Salerno for $5.2 million
On January 4, West Valdes appeared at the Universal Bank and opened a new account with the two checks of local banks on behalf of the brokerage.

The transaction took place, according to a source close to Universal Bank, under a threat from then president, Ricardo Martinelli, who picked up the phoneand, said a source- “called the company president Joseph Virzi, brother of Felipe Virzi, and ordered him to open the account for Financial Pacific; otherwise he would close the bank,” said the source, described as credible.
The bank’s compliance officer objected to the procedure, but failed against a direct order ‘from above’

The funds from Multibank were achieved after the signing of a loan agreement between the legal representatives of Financial Pacific and Cristobal Salerno.

A source close to Multibank, told La Estrella that against the current account of Salerno, a $5.2 million cashier’s check was issued for Financial Pacific ‘”The check for was a loan that was made to the legal representatives of FP.”

At the time, the bank asked no questions because the client, showed a paper signed by both parties, in which the loan parameters with Salerno and the then directors of Financial Pacific. West Clare and Ivan Valdes were established “, the source said

“Salerno lends money to many people with interests of 10% to 12% and Financial gave a promissory note,” the source said.

The Transactions for $12 million filled the financing gap of the brokerage, and were made in in three days. Later, in May 2013, it enabled the sale of the brokerage thanks to a report prepared by Ignacio Fabrega- – now a fugitive from justice but then director of supervision of the Superintendency Securities Market (SMV),.

In November 2012, Mayte Pellegrini reported that President Martinelli used insider information to purchase and sell of shares of Petaquilla Minerals Ltd. through an account with Financial Pacific.
Sergio Altamiranda, manager of Universal Bank said of the origin of the money, “at all times we worked based on the law and due diligence He added that the bank “at all times complied with banking regulations. “

The origin of the money also was known by the Superintendent of Securities Juan Manuel Martans.

The web of corruption that is woven by `Cobranzas del Istmo, spreads. Documents examined by La Estrella show that the commissions the company earned collecting delinquent tax payments went to Summer Venture Inc. The company was the one that paid for the apartments of jailed former Supreme Court Judge Alejandro Moncada Luna.
Moncada Luna is serving a five-year sentence for illicit enrichment, after failing to justify the purchase of two apartments worth millions.