Kenneth Rijock

Kenneth Rijock

Thursday, February 26, 2015

PANAMA'S FORMER HEAD OF SECURITIES REGULATION ARRESTED BY ANTI-CORRUPTION PROSECUTOR


Ignacio Fábrega, the former Director of Supervision at the Superintendency of Securities, the Panamanian securities regulator, has been arrested by the Third Anti-Corruption Prosecutor, and is reportedly scheduled to be immediately interrogated upon suspicion that he violated public order, meaning corruption. Regular readers of this blog will recall that we identified Sr. Fábrega, last year, as the central figure in the Financial Pacific/Petaquilla Mining Ltd. insider trading scandal.

Fábrega is alleged to have quashed the government's initial investigation into misconduct by a number of sitting ministers, and other suspects, all of whom reportedly traded upon non-public inside information that they received, including former President Ricardo Martinelli, to illegally earn huge profits, at the expense of other investors. 

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