Fake brokerages prowling in Panama
An increase in the number of companies posing as brokerages in Panama without being properly licensed has been reported by the National Securities Commission.
The companies, often acting on the Internet are offering either unregistered securities or brokerage services.
The Commission has received eight complaints of fraudulent transactions over the last six months,
The most recent case was a company called Jodan and Cole Investments Ltd., which claimed to have offices in Singapore, the British Virgin Islands, Bahrain, Taiwan and Panama, but Irish financial regulators warned on thier website that the firm is not licensed to provide services.
Securities Commission Chariman, Juan Martans warned investors to be extremely wary when sending money to any brokerage firm.
Companies listed as actin fraudulently were Bannorth S.A. Group, Bannorth German Corporation, Bannorth Financial and and Bannorth ECN, and others with similar names.
