Panama sees banking scandal

Thu, 25 Jun 2009 22:56:06 +0000

On Tuesday the Texas Bank’s customers started withdrawing their deposited funds from the bank and there was a huge panic when the news of fraudulent by Robert Allen Stanford, the only share holder of Texas Bank, was released in the media. US Security Commission investigated Robert Allen Stanford for his fraudulently obtaining $8 billion from 50,000 investors. The two branches of Punta Pacific and Stanford Bank in Obarrio was surrounded with customers, going to ATM machines and cashiers, who wanted to empty their accounts opened with them.
When the management of the bank told the fragile situation they undergone after the fraud done by its only share holder, the bank Superintendent took initiative to save the bank and stopped the operations on Tuesday and appointed Ramon Martinez Stagg as the interim administrator on Wednesday to stop the panic. He was the Executive President of Stanford Bank in Panama.
Robert Allen Stanford is being searched by the Federal authorities. Currently they went to his house, but he could not be found.
U.S. Marshals took control of all the offices and SEC investigators are laying claim Stanford and close associates of him scammed tens of thousands of investors out of billions of dollars. They were trying to win their approval in safe CDs, certificates of deposits, faking double-digit returns.
Two erstwhile employees of the Houston-based company filed a lawsuit and left Stanford. They said that they were pushed to resign when they found the indecency in the financial status.
In the meantime in the banking sector in Panama has been agitated by the Stanford Bank news. Everyone is trying to study the decision of the Superintendent of the bank. The administration is emphasizing that the situation of Stanford Bank is an isolated case. They say it was not a result of worsening of the bank’s financial situation in Panama but it was a result of the decisions made by a foreign government.
Ricardo M. Alba said that because of the legal base the steps taken by the Superintendent of the bank, it was justifiable especially when the Stanford Bank’s main shareholder has been charged under the United States of Banking fraud.
“It was necessary to take preventive measures to stop massive withdrawal in Panama,” said Ricardo M. Alba.
The superintendent of the bank has rejected to provide any more explanations as to what will happen to Stanford Bank in future. He has refused to say anything about the destiny of the bank.
For the time being the measure are taken up and will continue as per required.

Identifying a Reliable and Safe Asset Protection Plan in Panama

Fri, 27 Mar 2009 18:55:04 +0000

Identifying a Reliable and Safe Asset Protection Plan in Panama
For an asset protection plan to be reliable and safe, caution and attention must be paid to the details of setting up the structure of the plan. An asset owner should be given an advance warning every time any of the assets are at risk. Not all offshore companies and law firms take these into consideration. This is why it is important to search for the right asset protection package. You must have sophisticated strategies that will prevent other entities from attacking your assets.
Advance Cautionary Advice
An advance warning should be given when you assets are being attacked. At the very least, you should have one month protection, enough time to plan where you may place your money before someone is able to have access to them. There should be maximum time between the time when you are warned to the time the attacker gains control over your money.
Steering Clear of Frozen Bank Accounts in Panama
Most law firms do not have competent nor effective protection plan packages. Do not be involved in those companies that tell you to have a legal defense. You should not even need one in the first place! Offshore corporations should never be your first or outer layer of protection for your assets. When your assets are under attack, there may not be enough time to save them. In Panama, they are not so into tax cases so these are unfortunately transformed into money laundering cases. If you are not careful, some false case may be filed against you. This results to the freezing of your bank accounts. To avoid this awful event from happening, choose a more sophisticated protection plan.
Protecting Your Assets from Being Traced
You can identify an immature protection structure if an attacker will be able to connect one layer to another and can easily penetrate the inner layers protecting your assets.
The layers protecting your assets should be strong enough and expensive enough to prevent the attacker from gaining access to it. Once it is able to trace your assets, you will no longer have the privacy and you will end up trying to build defenses. Remember to identify a bad strategy before it’s too late!
Everything Should Be Legitimate: Your Asset Protection Plan Should be Legal without Having to Rely on The Bank Secrecy Rule of Panama
Don’t be complacent about the fact that there is Bank Secrecy in Panama. Offshore law firms are aware of the fact that most countries mandate their citizens to announce their ownership of foreign corporations if they own at least 10% of it. But they usually leave out this very important information. It is better to be safe and report your ownership rather than relying on bank secrecy. As with many other people who did not realize the gravity of their mistake, they end up in trouble when others report them. Your strategies and protection structure should be legal in all aspects to save you from great trouble.

Panama Bank List » Panama Bank Law

Panama sees banking scandal

Identifying a Reliable and Safe Asset Protection Plan in Panama