A Bahamas-based mutual fund was used by one of Ecuador’s best-known business families to defraud investors and the Central Bank of Ecuador out of approximately $160 million, it has been claimed.And the scandal has extended to the United States where the Federal Reserve Board has taken steps to safeguard the financial position of the Pan American Bank, in Miami.Both the Bahamian mutual fund – the Interamerican Asset Management Fund Limited – and the Pan American Bank were set up by the powerful Ortega family of Ecuador.
Articles Bahamas Banks & Trusts Ecuador Featured Fraud Investment Money LaunderingMarch 16, 1997
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Bahamas Banks & Trusts Ecuador Fraud InvestmentKeywords
Ansbacher Central Bank of Ecuador Conticorp Trust Interamerican Asset Management Fund Limited Jaime Ortega