Fraud in Panama: Pacific Financial / Financial Forex - Account "Omnibus"
The Superintendencia del Mercado de Valores SMV (Panamanian Broker Regulatory Entity) ordered, this past Tuesday, October 16, 2012, and for a period of 30 days, the reorganization of the Broker Finacial Pacific, Inc., on the grounds that there were indications that the company confronted administrative problems.
The ambitions of the Broker Financial Pacific arent ending in the accusations of the Superintendencia del Mercado de Valores SMV (Panamanian Broker Regulatory Entity), Financial Pacific apparently is involved in other possible violations, perpetrated by senior executives of the firm, who have orchestrated a sophisticated scheme fraud and scam to illegally misappropriation of clients funds in the firm.
The Broker Financial Pacific has damaged the credibility and security of its customers and investors, jeopardizing all clients funds, with possible seizures in Panama, and seizures abroad, including the United States, for possible illegal activities in money laundering ("Anti-Money Laundering") and violations of regulations of Patriot Act. [continued below]....
..... The Patriot Act, which amends the Bank Secrecy Act ("BSA"), was adopted in response to September 11, 2001 terrorist attacks on the World Trade Center in New York. The Patriot Act is intended to strengthen U.S. measures to prevent, detect and prosecute international money laundering and terrorist financing. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities.
Financial Pacific created a new legal entity in Panama, with the name Financial Forex, and opened several secret banks accounts in local and international banks, to managed funds of the customers secretly, without the proper supervision of the Superintendencia del Mercado de Valores SMV (Panamanian Broker Regulatory Entity), entity that regulates the activities of the Broker in the Republic of Panama.
"Omnibus accounts is an account between two futures merchants (Brokers). It involves the transaction of individual accounts which are combined in this type of account, allowing for easier management by the futures merchant. These accounts they termed as "omnibus account", received millions of dollars from hundreds of individuals and entities worldwide. Financial Pacific offered to its customers the service to send and receive payments from third parties directly in this special account "omnibus account", and they customers will be charged a service fee for each banking transaction, purported a licensed Bank within banking activities. Financial Pacific, through Financial Forex, offered this service to small International Banks, whereas Financial Forex received deposits from customers of the Bank (third party deposit), and notified to the Banks their clients deposits, and these deposits are credited to a special investment account at the Broker (Financial Pacific). Subsequently, Financial Pacific selling to their customers banking instruments called "certificates of deposit" (or plazo fijo"), and Financial Pacific represented there selves with legal authorization of the Panamanian Laws, on this way Financial Pacific could managed clients funds without any supervision, restriction or regulation, and the money was used for personal interests of the owners behind Financial Pacific, Mr. Ivan Clare Arias and Mr. West Valds.
These activities "Financial Pacific" and "Financial Forex" are created great concern about the reliability, integrity and transparency of Panamanian regulatory agencies, such as the Superintendencia del Mercado de Valores SMV (Panamanian Brokers Regulatory Entity) and the Superintendencia de Bancos de Panam (Panamanian Banks Regulatory Entity), about the possibility that a Broker orchestrated a sophisticated fraudulent scheme apparent for several years, in violation of Panamanian Laws, and other laws such as the Banking Act, and others international laws of money laundering ("AML"), especially with correspondent banks in the United States and Europe. Federal Agencies of the United States have been informed of the apparent activities and possible violations of money laundering ("AML") of Financial Pacific and Financial Forex, and these top executives of these entities, Mr. Ivan Clare Arias and Mr. West Valdes.