Red flag alert over Panama gold pyramid scheme
EMGOLDEX , closed in Colombia for "massive illegal promotion” has operated for over six months in Panama promoting investments in gold offering performance up to 600 %.
The company claims to have a presence in over 200 countries and operates a methodology in Panama that appears to be pyramidal, similar to the one used by the company DMG , in 2008, exposed by local authorities.
DMG’s high living “star” David Murcia, is in an American prison serving a seven year sentence for money laundering, with another 32 years awaiting him in Colombia.
Juan Martans , Market Superintendent , has reported an investigation into the activities of Emgoldex because it is not licensed to operate in Panama reports La Prensa.
Emgoldex advertised on websites, Facebook and blogs as a business investment , despite not having the authorization of the Superintendency of Securities ( SMV ) .
When the scandal broke in Colombia this week, the company that claimed to have the backing of the Financial Superintendence of Bogotá. Not true.
To have the "benefits promised by Emgoldex, at promotion meetings Panama , customers must make a deposit of $740 as part of the final funding. Each person has to refer two customers to get a $4,000,gold bonus.
While the activity was underway at a local hotel , the SMV issued a press release warning that Emgoldex in Panama is not licensed to conduct "business brokerage, management or advisory in securities, financial instruments or forex in or from the territory."
