The Alaskan fraudster operating in anything-goes Panama, Gary James Lundgren, reeling from the publicity generated by the high-profile case against him, filed by the Trump Organization, has begun closing down his dodgy operations. Lundgren, who has obviously tired of evading all the angry investors whom he has stopped paying an 8% per month return to, faces an uncertain future, due to multiple investigations reportedly pending against him. He refuses to personally meet clients, for fear that he will suffer physical harm at the hands of clients who have threatened him; he takes various, circuitous, routes to his office each day, and has increased security there.
In the Republic of Panama, his securities company, an unlicensed Panamanian branch of his US company, Interpacific Investors Services, has been ordered closed by the Government of Panama. In the United States, his business in Washington State is transferring all its existing clients to a national securities firm, and closing up its broker-dealer operations, as verified by a press release, making the announcement, though the company receiving this business may want to reexamine the situation.
The steep decline in new tenants, coming into Panama, due to the change in economic activity, and the public perception of a major increase in street crime, has resulted in a large number of vacant condominiums that he controls, meaning that his cash flow has been severely reduced. He has a number of civil suits pending against him in the Republic of Panama, and some of his victims, who allege he is guilty of sexual battery, are exploring their legal options.
Will the United States request the extradition of Mr. Lundgren, for securities violations, or will Panama do the honors, for the Petaquilla Mine scandal ? We cannot say, but his problems have multiplied exponentially in 2015.