A criminal complaint, filed in the Republic of Panama, has alleged an aggravated securities fraud in the amount of $41m, including the participation of an officer in the Panama Stock Exchange. An illegal and fraudulent endorsement of 25% of the total shares of stock of a publicly-traded company, a telephone company, is claimed, in an action to open an investigation and revoke the purported sales as null and void.
The shares sold were allegedly pledged to another company.
Named in the case are:
(1) JONATHAN DAVID BETTSACK MADURO
(2) JOSEPH BETTSACK MUELLER
(3) NICANOR AQUILES DOSSMAN AMAYA
(4) ROBERTO ALONSO JIMENEZ ARIAS
Dosman and Jiménez Arias
Sr. Jiménez Arias is the treasurer of the Panama Stock Exchange. The Superintendent of the Securities Exchange has opened an investigation into the charges.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant