An article in Prensa.com reports that "... the Superintendency of Banks (SBP) and the Securities Market of Panama (SMV), jointly issued a statement in which they asked the Public Ministry (MP) to investigate Emgoldex Panama in order to determine whether activities totaling about six months in the country "are framed as criminal behavior in criminal law."

Emgoldex is "... a company based in Munich, Germany, and Dubai, the United Arab Emirates, inviting hundreds of thousands of people worldwide, including in Panama, to invest money in a web page and invite others to do the same, in exchange for bonds supposedly backed by gold .... For a person to become the creditor of a $4,000 gold-backed bond, they must make an initial investment of $750 and then get two other people to do the same. "

"... The research promises to be difficult. The aforementioned website featuring information for Panamanians to investment in gold, at the time of writing this article, has already been deleted. "

"... Alleged customers of this company ... point to the legality of the company because it is a multi level' company 'and not a pyramid scheme."

Source: Prensa.com

More on this topic

Panama: Warning about Investing in Emgoldex

May 2014

The Superintendency of Banks has warned that the company, which is under intervention in Colombia, is not authorized to take investments from the public directly or indirectly.

Representatives of the company Emgoldex in Panama have not yet been located by the financial market authorities, who did detect some so called "premium" customers of the company, who invited other potential investors to invest $700 so that they in turn could introduce two other people into the scheme in exchange for a bond equivalent to $4000.

Intervention in Emgoldex Operations in Colombia

May 2014

The Superintendency of Companies has pointed to objective and known facts of illegal collection of money from the public by the operations of Emgoldex, which is also currently operating in Panama.

From a statement issued by the Superintendence of Companies of Colombia:

Superintendence ordered intervention of operations Emgoldex

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September 2013

From 23 to 27 September, a Panamanian delegation will visit South America in search of new investors who might be interested in participating in the local stock market.

The delegation led by the Ministry of Economy and Finance (MEF), the Superintendency of the Securities Market, the Superintendency of Banks and the Panama Stock Exchange, will visit Santiago de Chile, Lima, Peru and Bogota and Medellin in Colombia.

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August 2010

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The text of the lawsuit establishes that during the past six years, Paragon Properties of Costa Rica, a Hollywood-based company, received money from over 900 U.S. retirees, promising to build residences in various Costa Rican communities, insisting that unhappy investors would receive 100% of their money back.