Madoff scam in Panama
Apparently in the 90s an investment company called Fairfield Sentry Ltd. of the Fairfield Greenwich Group, headed by the Colombian Andre...
Apparently in the 90s an investment company called Fairfield Sentry Ltd. of the Fairfield Greenwich Group, headed by the Colombian Andres Piedrahita, was one of the principal investors in the funds of Madoff.
A local businessman, who wants to remain anonymous, said that he invested hundreds of thousands of dollar in Fairfield Sentry, because it had a $7.3 billion funds and offered an interest of 7.5 percent and was a very attractive proposition.
Fairfield Sentry had a good reputation and therefore there was no reason to think that a fraud was taking place.
A great number of wealthy Panamanians were victims of the scams and lost a great deal of money.
Roberto Brenes, the general manager of the Stock Exchange of Panama said that none of the merchant banks can give a list of their clients, because they are confidential, but at one point Disa Bank and Banco del Istmo had dealings with Fairfield.