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The
case investigated by the
Public Prosecutor's Office is
related to a supposed scam
involving suspension of
non-payments to 500 investors.
/ A.M. Costa Rica wire
services photo
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Judge
orders pre-trial measures against
Aldesa Financial Corp's
president
By the
A.M. Costa Rica staff
The judge of the Criminal Court
Tuesday ordered pre-trial measures
against Aldesa’s president,
surnamed Chaves- Bolaños. He must
surrender his passport, remain in
the country, visit the court every
two months to sign a control
document, and avoid any contact
with the people who are suing for
alleged fraud.
On Monday, as A.M. Costa Rica
reported, the Prosecutor's Office
of the Economic, Tax, Customs and
Intellectual Property Fraud
Division, ordered twelve raids
related to the investigation of
the fraud accusations of two
financial companies of Chaves-
Bolaños.
Those well known companies are
Grupo Financiero Bursátil Aldesa
and Aldesa Corporation of
Investments and are linked to a
possible fraud of $200 million.
Chaves - Bolaños was arrested on
Monday after the judicial agents
completed the raids.
The Prosecutor's Office
reports that nine houses belonging
to the managers of the Aldesa
Company were also raided. In
addition, the offices of the
company in Curridabat and the
offices of the Sama Group company
and the General Superintendency of
Securities (SUGEVAL) were raided.
The evidence confiscated by the
agents of the Judicial
Investigation Organization will be
analyzed and then a report of the
case will be sent to the Office of
the Prosecutor.
The case of alleged fraud is being
processed 19-157-1220-PE, and
covers "alleged crimes of fraud,
fraudulent administration,
delivery of checks without funds,
authorization, and publication of
false balances, authorization of
improper acts and breach of
duties," said the Prosecutor's
Office in its statement.
The investigation says that the
case was opened as a result of a
series of complaints against the
Aldesa companies. "The raids seek
to gather evidence of interest for
the criminal case," said the
office in its statement.
According to the allegations,
"there is apparently inducement in
error to which the investors were
exposed, who believed that the
conglomerate of associations that
are part of Aldesa, was being
supervised by the General
Superintendency of Securities
(SUGEVAL), error that was possible
given to the link that are part of
Aldesa (regulated and not
regulated), since they use the
same physical space (same
building), same employees,
website, telephone numbers,
brands, logos, board members that
also many of them are part of all
companies," said the Prosecutor's
in its statement.
In addition, the Prosecutor's
Office reported that it is also
investigating the way in which the
capital of the investors was
managed, with the purpose of
establishing whether the money was
actually invested as agreed, or
whether it was used to pay
interest to other investors.
The case investigated by the
Public Prosecutor's Office is
related to a supposed scam
involving suspension of
non-payments to 500 investors.
In March, Aldesa company asked a
judge for approval of a plan,
known as a judicial administration
process, because the company had
cash liquidity problems. The
proposed plan was the suspension
of payments, for a term of three
years, and at lower interest
rates, for 500 clients who had
invested in the business of real
estate projects for an approximate
amount of $200 million. That
request was rejected by the Court.
Aldesa Financial Group introduces
its self, on its web site, as "one
of the longest-standing companies
in the Costa Rican stock market.
It was founded as a financial
advisory and accounting
consultancy firm in 1968. Since
then, Aldesa has stood for
continuous evolution that turned
it into a sound, knowledgeable,
and reliable business firm.
Aldea's services include
Investment Banking, Mutual funds,
Investment advice, and Trust
Funds. "
The representatives of Aldesa
Financial Group have not issued
any press releases related to this
case.
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Have you heard of fraud cases
linked to real estate funds? We
would like to know your thoughts
on this story. Send your
comments to: news@amcostarica.com
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