Saturday, May 23, 2015


Gary James Lundgren, the Alaskan native who has the been the subject of numerous articles on the blog, detailing his fraudulent activities in the Republic of Panama, and violations of the securities laws of Panama, Canada and the United States, has threatened to bring a civil action, to shut down this blog, and seek money damages from this writer. Lundgren, whose many Panama City properties, acquired through fraud and deceit, are no longer rented by eager expats, and he has stopped paying interest monthly to his investors; he will not come to the door of his office, to meet with unhappy clients in person.

Mr. Lundgren, who has not been seen in the United States for years, probably because of his massive tax evasion, as well as his money laundering activities, most notably for the convicted Colombian Ponzi schemer, David Helmut Eduardo Murcia Guzmán, or his securities fraud violations, is welcome to bring an action here in the United States, for he will them be required to appear here for deposition, and there is a strong possibility that he has been indicted here, meaning that he would be arrested upon arrival. Even if he succeeds in bonding out, he still must appear for deposition, where his life of crime in Panama, and in Canada and the US, will be exposed.

File your suit, Mr. Lundgren, for the defense to libel is truth.


Palestine Reform Youth Movement of the left, Galilee Forces on the right
The Galilee Forces, identified as the new "military wing" of the Syrian-based Palestine Reform Youth Movement, is reportedly engaged in combat, in Syria, with Hezbollah, against Opposition elements. The organization's declared aim is to take on Israel's military in the Northern Galilee, after the Syrian civil war is concluded, though even Hezbollah openly fears that the conflict is destined to continue for the foreseeable future. Its leader is said to be named Fadi Al-Mallah a/k/a Abu Al-Fidaa.

The Galilee Forces, known in Arabic as Quwat Al-Jalil, has also gone by the title Galilee Brigade, or Liwa Al-Lalil. Considering that it is working closely with Hezbollah, an SDGT, and possibly the Government of Syria, also sanctioned, bankers should familiarize themselves with the two Arabic names, appearing above, associated with the Galilee Forces.


Battle of Ramadi, 1917
I can only find one bank listed for Ramadi, Bank Al-Andalus, and I hope that its staff had the presence of mind to evacuate the bank's store of cash early on, long before the Iraqi Army, which outnumbered the ISIS troops ten to one, cut and ran, in the face of an imminent attack.

Did ISIS again tumble upon a cache of currency, including US Dollars, like it did in Mosul ?
Note: America is not the only country that lost soldiers in combat at Ramadi.  That's the British Army in the photo above, beating the Ottoman Turks at the Battle of Ramadi, in 1917. 

Friday, May 22, 2015


The bottom fell out of the Venezuelan Bolivar (BsF), also known as the Strong Bolivar, this afternoon. At this writing, you can see above* that the unofficial rate, as of 3:00 PM local time in Venezuela, is 421.45 bolivars to one US Dollar (USD$).

This hyperinflation will drive legitimate businesses in Venezuela to alternate sources of dollars, including illegal entities, such as narcotics traffickers, smugglers, and money launderers. Those sources, in turn may call upon their own sub-sources for additional dollar currency. Please regard any requests for large amounts of bulk cash, from bank clients who have never before asked for such volume, as they may be tempted to profiteer from the Venezuelan financial crisis, and may be engaged with OFAC-sanctioned individuals or entities. They may also fall victim to fraudsters, or place themselves in physical danger, by dealing direct with criminal elements.

Be alert for any client conduct or course of action that is inconsistent with its trade or business, or account history, especially if the client is a Venezuelan national, or corporate entity. Inquire of any client whose recent activities could constitute currency profiteering, to insure that there is nothing occurring that endanger the client, or your bank, and give no Venezuelan client an large amount of currency without making diligent inquiry into why they need all that cash, if they are not a cash-intensive business.
*Dolar Today


Pedro José Rojas Ch.

Pedro José Rojas Chirinos, who operated Financiera FinanGente SA, the Panamanian money service business that orchestrated the insider trading scheme that made millions of illegal profits for former President Ricardo Martinelli's close associates, has permanently relocated to Venezuela, reportedly to avoid probable criminal prosecution in the Financial Pacific/Petaquilla Mines Ltd. scandal.

Sr. Rojas, who is the son-in-law of former Minister of Industry and Commerce Ricardo Quijano, issued FinanGente credit cards, which were distributed to members of Martinelli's Cabinet, to purchase Petaquilla stock at low prices; These PEPs had inside information about the company that caused the stock to subsequently soar, at which time they made a huge illicit profit. Rojas used a large portion of the $20m FinanGente held in its accounts, (ostensibly to make loans to Panamanians) to purchase the stock; the conspirators then paid off their credit card balances with criminal proceeds.

Rojas, who personally ferried bulk cash of unknown Venezuelan clients, into Panama's Albrook Airport, on private aircraft, and deposited the same into FinanGente accounts, is a Venezuelan national. His role in the Petaquilla scandal is currently under investigation by Panamanian prosecutors, as is that of Ricardo Quijano, who also left Panama immediately after the scandal broke.


Thursday, May 21, 2015


If you are the individual  who is responsible for assessing Country Risk, and your bank, and its clients, are financially exposed in the Middle East, it is important that you consider the real risks of partition of those countries in the region that are engaged in armed conflict and/or major political dissent, and whose population consists of more than one religious sect, or ethnic group.

When, after the end of the First World War, the United Kingdom and France divided up the territory of the former Ottoman Empire, they made a fundamental error in failing to draw international frontiers that would result in national entities consisting, as much as possible, of populations with similar religious or ethnic backgrounds. Let us face facts: Iraq, Syria and Lebanon were all artificial creations, with mixed populations. This was a colossal error, and one or more of these cut-and-paste nations may fragment, leaving entities that have financial exposure in the dust, literally, this year or next.

Should you be an officer at a financial institution, NBFI, or broker-dealer, whose clients, or the entity itself, has extended credit, has pending transactions or trade, or investments in one of those countries cited above, there is a chance that de facto partition, or dissolution, could occur. Sovereign debt will not survive the death of a nation; nor will private companies whose existence depends upon a national, and not a regional marketplace. There are multiple reasons why the fragmentation of a nation will leave creditors of all shape and sizes, empty-handed.

If your financial institution has exposure, branches, investments, major client footprints, or any other type of connection to countries that could be abruptly split up, as a part of the new political reality, or fall to terrorist aggression, you should, early on, seek to minimize your exposure, and cut your potential losses, where at all possible. Iraq & Syria could come apart; Lebanon could explode into Sunni, Shiite and Maronite Christian sectors. All this is possible; so be prepared, with a contingency plan for the future, but also look to shave your total exposure now.  


Ricardo Martinelli Linares
Journalists in the Republic of Panama have been warned not to write any negative articles about former Panamanian President Martinelli, although he is facing no less than twelve separate criminal cases, that are all being handled by anti-corruption prosecutors. These threats are believed to have come from members of Martinelli's political party.There have also been warnings, conveyed to the journalists to refrain from any negative coverage of Martinelli's former Minister of Commerce & Industry, Ricardo Quijano. Both Martinelli and Quijano fled Panama, to avoid criminal prosecution, several months ago.

These threats are reportedly being taken seriously, especially since Quijano is feared in Panama, due to rumors that he was responsible for violent acts against Panamanians who have opposed him, or exposed his corruption. Major Panamanian media outlets, however, are continuing to offer full coverage of the corruption scandals that have named literally all of the members of Martinelli's former cabinet, since they left office.

Ricardo Quijano