Rica Foods pays fine and leaves AMEX

The Costa Rican company has agreed for the Stock Exchange Commission to revoke its registration, resolving an accusation of financial fraud.

Friday, January 9, 2009

In the elNuevoHerald.com it is reported that "Rica Foods, a poultry processor and feed producer based in Miami, and its former executive director resolved the case of financial fraud presented by the Stock Exchange Commission (SEC). "..."This case arose four years ago when Rica Foods, umbrella company for Pipasa, As de Oros and other poultry companies, was own by Costa Rican businessman Calixto Chaves."

More on this topic

Guatemala: Former Directors of Bancafé Prosecuted

March 2013

The Banking Unit of the Prosecution Office Against Organized Crime has accused them of a special case of fraud, comprising continuous money laundering and financial intermediation.

Eduardo Manuel González Rivera, his sons Manuel Eduardo and Jorge Alfredo Gonzalez Castillo, Ariel Estuardo Camargo Fernández, Moisés Cupersmith, Óscar Salazar Perdomo, Gloria Marina Barrios Pineda, Eduardo Antonio Palomo Escobar and his son Eduardo Alberto Palomo Marh, Patricio Andrade Falla, Álvaro Maldonado Vásquez, Celeste Aída Desirée Soto de Vetorazzi, Francis Frederick Fisher Theriot and Juan Eladio Campos Moraga, are accused "of having defrauded the company and led to its bankruptcy."

Advertising Agency Sued for Overcharging

February 2011

How advertising agencies can deviate their clients' money for their own benefit.

IBM sued Ogilvy & Mather for overcharging its services for millions of dollars.

The recent lawsuit against Ogilvy & Mather by IBM for overbilling highlights the need to maintain a tight control over contracted advertising agencies.

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.

Real Estate Fraud in Costa Rica

August 2009

It is reported that up to 30% of Costa Rica's real estate offers may hide some sort of fraud.

Before considering investing or purchasing a property in Costa Rica, two key issues must be taken into consideration:

-Costa Rica's complex legal system is based in the old Napoleonic Code, and its general motto is "If there's no blood, there's no damage". Taking a civil issue to the courts costs a lot of time and money.

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