Panama's Stanford Stock Brokerage Taken Over

The seizure was conducted as a result of the take-over of its related bank, Stanford Bank Panama.

Friday, February 20, 2009

In a press release, the National Commission of Securities of Panama indicated that it decided to take intervention action against Stanford Casa de Valores S.A. because of the existing legal actions in the United States against Robert Allen Stanford and the businesses related to him, and the administrative and operating take-over of Stanford Bank Panama, Inc. that occurred 3 days ago.

These facts “...have negative effects on the reputation and financial solvency of Stanford Casa de Valores S.A."

The regulator also indicated that the decision does not affect other companies authorized to operate in Panama.

More on this topic

Costa Rica: Panamanians Open Brokerage Firm

October 2015

Prival Group has asked the National Stock Exchange to authorize brokerage activities in the local market under the name of Prival Securities Puesto de Bolsa.

The National Stock Exchange (BNV by its initials in Spanish) now has a period of 10 working days to evaluate the application made by the Panamanian financial group, which recently entered the country after acquiring the bank Bansol which was founded on Costa Rican capital.

Panamanian Stock Market Could Be Out of Iosco

March 2014

The International Organization of Securities Commissions is demanding regulatory approval so that the country will not be excluded from the international money market.

The stock market has a need for exchange of information in order to comply with the International Organization of Securities Commissions (IOSCO), which requires its members to have a mechanism to determine who is the beneficiary of a transaction.

Judicial Order Contradicts Suspension of Brokerage Firm

November 2012

The Supreme Court has canceled the reorganization order of Financial Pacific set by the Superintendency of Securities of Panama.

The Superintendency of Securities of Panama had ordered "the suspension of the license of the brokerage firm Financial Pacific Inc., for a period of 15 calendar days so that the brokerage firm may remedy all the anomalies found or else the Superintendency will order further action. "

Sale of Panamanian Stanford Operation Being Negotiated

March 2009

Panamanian regulators announced that there are parties interested in buying the bank and stock brokerage.

In an article in prensa.com, it was reported that there are 7 local and foreign groups interested in acquiring the Stanford Bank (Panama) S.A. and the Stanford Casa de Valores S.A., as ongoing businesses.

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