A resolution by the Superintendency of Securities said that after performing an inspection at the brokerage firm, " it was found that the brokerage firm maintains only three bank accounts, all of them with Banco Universal ", namely own / administrative account, third parties / customers account and a deposit account. "

Prensa.com reports that "... 'As a result of the takeover of Banco Universal on June 5 the funds held in accounts maintained by Clever Financial Investment Services "are not available for use by the brokerage firm.'"

Source: Prensa.com

More on this topic

Stock Exchange Closure Announced

March 2019

In Costa Rica, Aldesa Corporación de Inversiones applied for judicial intervention because of lack of liquidity and announced the closing of the stock exchange.

From Aldesa's press release:

March 8, 2019. The uncertainty generated by the fiscal crisis among Costa Rican investors during the last quarter of 2018 led to a severe loss of liquidity in the market, which impacted the private real estate projects managed by Aldesa.

Forced Liquidation of Stock Broker

August 2018

In Panama, the liquidation has been ordered of Blue Numbers Securities Inc., because it shows "lack of supervision and management, and a board of directors that is not very involved."

The Superintendency of Securities ordered the forced liquidation of the securities company Blue Numbers Securities Inc. and appointed Rafael Moscarella Valladares as liquidator.

Panama: Forced Liquidation of Brokerage Firm

June 2016

Citing several irregularities during the intervention process, the Securities regulator decided to order the liquidation of the brokerage firm Panama Wall Street.

From this moment forward, investors and creditors of Panama Wall Street S.A. must present themselves at the company's premises to declare the amounts owed to them and start due process with the authorities who will lead the settlement process.

Panama Exchange Ends Contract with Financial Pacific

June 2014

More than a year after investigations were started into alleged irregularities and after having been suspended from operating in the country, the stock exchange has annulled its contract with the firm.

From a statement issued by the Panama Stock Exchange:

We wish to communicate with the investing public and financial institutions in general that on June 25, 2014, the Stock Exchange of Panama, SA terminated the Associate Member Agreement it had signed with Financial Pacific, Inc.