Back in July*, we reported on this blog that Ignacio Fabrega de Obarrio, a Director at the Superintendency of Securities, (SMV) had lost his position, and immediately accepted employment at Financial Pacific, a broker-dealer that was a target of a pending investigation conduced by Fabrega, prior to his leaving office. He claimed he was solicited by Financial Pacific forthwith.**
The Third Anti-Corruption Prosecutor's Office has now filed formal charges of Public Corruption against Fabrega. Apparently, there was evidence of improper contact, between Fabrega and Financial Pacific, that was discovered on agency computers. The case was based upon a formal complaint, with evidence filed anonymously by member of the SMV staff.
Charges are also expected to be filed against Magistrate Judge Alejandro Moncada Luna, of the Supreme Court of Panama, who, while Chief Justice of the Supreme Court, blocked an insider trading investigation of Panama Pacific in 2012. Former President Ricardo Martinelli, and several of his former ministers, have been linked to illegal insider trading of securities, through accounts that they maintained at Financial Pacific.
** Fabrega was formerly with Universal Bank, which was controlled by the Virzi Group, and where he was involved in money laundering.