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Fraud investigations to continue in Antigua-Barbuda and Dominica
Published on December 9, 2013 Email To Friend    Print Version

ST JOHN’S, Antigua -- The High Court for the Eastern Caribbean decided at a special hearing to proceed to trial and investigate Barnett Capital Group executives Andres Omar Sotillo and Rodrigo Fernandez Tinoco, against whom default judgment was entered under allegations of corporate fraud committed against Davos International Bank, a private bank established in Antigua and Barbuda.

The High Court took the position that the grave and seriousness of the allegations warranted further investigation to establish responsibilities.

Sotillo and Fernandez, according to an audit and forensic report, siphoned more than US$8 million for their own benefit and other concealed third parties, violating the code of ethics and standards of financial compliance followed at Davos International Bank, at a time they controlled its management. The executives, now with Barnett Capital Group, also self-financed with more than US$1.8 million, hiding their identity through corporate borrowers.

Banking authorities in Dominica, the jurisdiction where Barnett Capital Group operates an offshore bank, might consider an investigative inquiry regarding the capitalization of this bank, which may have been funded from illicit sources. Barnett Capital Group in Dominica is owned by Fernandez and Sotillo, in partnership with Rafael Martin Guedez.

The Supreme Court of Venezuela found Martin Guedez guilty of banking fraud. His extradition is under consideration by prosecutors at the Attorney General’s office in Venezuela.
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