Million dollar scam shakes group of local businessmen

Friendship was the only guarantee they have in their commitment to a business that would take them to earn thousands of dollars.

Some put some of their savings; others, all they had in cash and assets, and other money invested with third parties.

The history of this great scam is marked by the power of conviction of a citizen who all affected considered a personal friend.

More than ten panamanian entrepreneurs and professionals, and even a bank, would have declared swindled in January this year by entrepreneur and banker Cesario Garcia, who is now missing.

The information compiled to date calculates the scam between 14 and 16 million, and among other affected are Alberto Tamburrelli, the Victoria-Riande, Juan Antonio Niño, Gilberto Vega, Francisco Church, and local bank family in which Garcia would have handled part of their bank accounts.

Among the victims of deception executives there are insurance companies, banks and businessmen accustomed to invest, but did not have that would be affected by a scam created by a very close friend.

Until date, no regulatory authority has intervened in the scandal, including the Superintendency of Securities and Insurance, although within the business had an insurance and operated as an investment adviser. The only option is contemplated by those affected is the legal means, and it already filed an appeal before the Public Ministry.
 

The proposal

Three years ago, all concerned were approached individually by Garcia to offer an investment scheme in which the gain or dividends would be 100% of capital placed in his hands.

According to the account of those affected, some invested in a  watches business, and others in government contracts for delivery of solar panels and construction of water wells. Others has invested in a course project to illuminate the Panama Metro stations, but through a contract with the Spanish company FCC.

Some of the affected Garcia gave money without seeing any document, but others received forged documents with signatures of officials and representatives of major companies.

"I feel very sad because this was a friendship that was involved", said one of the victims and medical professional.

According to scammed, Garcia managed to calm them until January this year when he traveled to Colombia for a business that promised to pay its debts in Panama. After that, nobody knows his whereabouts official.

Garcia was representative of the company London Mass Insurance (LMI) Group Limitada, which promoted and offered insurance service insurance consultant.

It is at this point in the history of the scam that links to companies in Colombia.

Garcia explained to investors that businesses coordinated with the Government were unsuccessful, but had to sell to pay them LMI operations in Colombia to Cardif in early December last year. Even Garcia showed the transaction documents signed by the legal representative of Cardif, Jorge Hernandez.

So he did when they introduced the business stops Metro Panama, for which he presented documents signed by one of the company executives FFC.

Throughout the month of December last year, Garcia managed to calm investors with proceeds from the sale of LMI in Colombia and the opening of a trust through the Panamanian firm Mossack Fonseca.

"Then we realized that everything was fake, including SEALs Dian of Colombia and other entities went well deceived," said another of those affected consulted by Epasa.

Within the plot, Garcia also mentioned transactions with Bancolombia and Colpatria, but everything was collapsed in January, when several of the checks Garcia turned in favor of investors were rejected by the bank where he worked.

It was then that a group of affected could check earlier this year that Garcia had disappeared. Since then, victims have held several meetings to legally analyze how they can recover their money.

Those affected have appealed Garcia's father, owner of a major furniture store in Panama, and his brother Gerardo Garcia, director of Canal Bank and National Insurance.

On the subject, the Superintendency of Securities (SMV) said they have no responsibility. "We wish to inform that the SMV is not aware of any case involving Mr. Cesario Garcia. Mr. Garcia is not regulated or supervised by the SMV, or are or have been licensed broker, analyst or other given to title natural".