Hernán De León, a Panamanian Magistrate acting for the country's Attorney General, has traveled to Canada to seek the judicial assistance of the authorities there, to determine whether in Panama's Insider Trading case of Petaquilla Gold, former Panamanian President Ricardo Martinelli traded on non-public information. Martinelli allegedly doubled and tripled the amounts he paid for Petaquilla stock, which was publicly traded on the Canadian Securities Exchange.
Martinelli, most of the members of his Cabinet, and a number of his close associates, allegedly made millions of dollars, by trading upon inside information he reportedly acquired, and shared with them, defrauding investors in Panama, Canada, the United States, and elsewhere.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant