Larrain Vial Chairman, Citigroup Accu...

Larrain Vial Chairman, Citigroup Accused of Chile Trading Fraud....

Posted in the Banking Forum

The Global Historian

Dunkirk, NY

#1 Jan 31, 2014
Read this: Larrain Vial SA, Citigroup Inc. and Banco de Chile, as well as executives including Larrain Vial chairman Leonidas Vial, were accused by Chilean securities regulators of fraudulent trading.

The charges relate to trades in fertilizer producer Soc. Quimica y Minera de Chile SA and holding companies controlled by Julio Ponce. Ponce has already been charged with buying shares in the holding companies at below market prices and selling them back at inflated prices between 2009 and 2011. Ponce has denied any wrongdoing.

Leonidas Vial is vice chairman of the Santiago stock exchange and director of companies including electric utility Enersis SA.(ENERSIS) He is accused of using investment companies to take part in a fraudulent trading system routed through Larrain Vial’s brokerage unit. The chief executive officer and head of institutional sales at the brokerage, Manuel Bulnes and Felipe Errazuriz, also breached securities rules through “fictitious trades” in Ponce’s holding companies, regulators said.

“The charges against Larrain Vial and two of its executives gives us the chance to defend the total innocence of the company and the executives,” the brokerage’s lawyers, Cariola, Diez, Perez-Cotapos & Cia., said in a statement today.

The Point: It is not the first time...I shall prove it!!!
The Global Historian

Dunkirk, NY

#2 Jan 31, 2014
Let me comment on the brokerage's lawyer: I doubt that Citigroup will get away from the evidence presented!!!

Try the old habits to influence the local judges again...

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