Kenneth Rijock

Kenneth Rijock

Sunday, May 3, 2015

PANAMANIAN "HIGH-YIELD PROGRAM" STOPS PAYING 8% PER MONTH TO INVESTORS


Reports from Panama confirm that the so-called High-Yield Investment Program, operated by American expatriate Gary James Lundgren, has not only stopped paying its investors the eight (8%) per cent per month rate of return guaranteed by Mr. Lundgren, it is currently not making any payments at all each month. Observers believe that it is a Ponzi scheme, as a monthly payout of that size is generally a financial impossibility in the current global economy.  Furthermore, these investments appear to be unregistered securities, and most were sold to American and Canadian citizens, meaning that there are unresolved securities issues.

Mr. Lundgren, reportedly owns Global Valores Finance & Investments, SA and Global Valores Inversiones SA, both Panamanian corporations, and is a principal in a US company, Interpacific Investors Services, Inc. None of these companies is a licensed broker-dealer in the Republic of Panama, and Lundgren does not hold a securities license, of any sort, in Panama. How is it that he is engaging in securities sales ?

 Notwithstanding the foregoing, Lundgren was a major player in the Petaquilla Mining Ltd. insider trading scandal in Panama, which involved Financial Pacific, and implicated former President Ricardo Martinelli, and several members of his cabinet. Now that Lundgren's Ponzi scheme has imploded, demonstrating that he poses a clear and present danger to the financial community, one wonders when the long arm of justice will get around to him, whether it be Canadian, American, or Panamanian charges.
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