Intervention in Emgoldex Operations in Colombia

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.

Friday, May 16, 2014

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

Superintendence ordered intervention of operations Emgoldex
in Colombia Bogota, May 12 (SS).

The Superintendency of Corporations, through Auto 2014-01-232874 of May 7, 2014, ordered the immediate suspension of operations of Emgoldex in the Republic of Colombia and intervention involving taking possession of the property, assets, business and heritage of the same and the following individuals:

Alejandro Morales Pérez, Gerardo Antonio García Granobles, Deladier Payares Cuadros, Gissell Cuevas Sayas and Rafael Enrique Pérez Ballen, promoters of the scheme in Colombia.

- There are objective and well-known facts of mass illegal collection of money from the public by the Emgoldex operation in Colombia.

- Emgoldex offered participants exorbitant yields, of over 600%, in periods of less than one month. These benefits did not come from growth in the price of the gold but from a pyramid structure that generates income only to the extent that new "investors" are brought into the scheme.

The Superintendency of Companies established that there are objective and well-known facts of massive illegal public fundraising where exorbitant returns where offered of over 600% of the investment in a timeframe of less than one (1) month.



More on this topic

Emgoldex: Legal or Illegal?

May 2014

While in Colombia the activities of the company have already been outlawed, in Panama regulatory gaps have prevented a clear definition about the company from being made.

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."

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.

Ponzi Scheme with Costa Rican Investments?

August 2010

A lawsuit filed in the U.S. accuses a company of luring investments from retirees using a ponzi-like scheme.

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.

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