Puerto Rico R&G Financial Corporation settles financial fraud charges

Feb 14, 2008 Full story: www.iht.com 14

SAN JUAN, Puerto Rico : One of Puerto Rico's largest lenders has settled fraud charges alleging that it inflated revenue by millions of dollars , according to documents filed by the U.S. Securities and Exchange ...

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“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#1 Feb 14, 2008
My bank in Puerto Rico is R-G Premier Bank. I banked with Bank of America, First National City Bank, Banco Popular and several other banks. I discovered that R-G Bank is a great bank to have a checking and savings account in. They might have committed fraud -- which I don't approve --but they have been giving me excellent customer service.
Coquilogan

AOL

#2 Feb 14, 2008
I am almost positive that the Frauds involves the 2nd & 3rd Mortgages that Doral got caught to jiggle the books as a misrepresenation of profits and to impress investors on the Mainland....

Several big time Cubans of the same family are involved in making big bucks before thestock tumbled to less than l6 bucks a share when it was over 95 bucks a share...

Literally millions were had at that time and happened last year around this time...there profits were so astounding the jerks at the Stock Market gave tham a Symbol for trading and investing....

Who's next on the hit list??? Banco Popular is too big to get involved in this illegal schemes and practices...

I believe that the Family owns the entire land next to the Caribe Hilton where the tennis courts used to be....even El Paseo Caribe might be in their hands under cover...

They had big plans for CONDOS and Malls in that area right in front of Munoz Rivera Park...I think all of them are in Miami....

Since: Oct 07

Location hidden

#3 Feb 14, 2008
I liked the part of the story where the bank neither admitted or denied that they broke the law. Then they promised not to do it any more.

YIPR--Every Social Security number is protected with $100,000 in FDIC insurance on accounts at the bank, so for depositors this is a non-story. What RG was doing was deceiving the stock market by saying they were making more money than they actually were, and deceiving the FDIC regulators and shareholders by appearing to have more capital than they actually had.

No part of Puerto Rico is immune from 'cooking the books.' Whether Cubans, Puerto Ricans, gringos or Germans, the management was involved in fraud and deception. Par for the course in Puerto Rico. Appearance is always more important than fact here.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#4 Feb 14, 2008
The Roig family is connected with R[oig]-G Bank. They made their fortune during the earlier years sugar cane was grown and harvested as a major crop in Puerto Rico.

Today, this same Roig family is into horse shows.

First Bank was a major investor in Paseo Caribe. They are one of the principals in the the case now before the Puerto Rican courts and AAV is playing political games to delay the proceedings in the courts.

Since: Oct 07

Location hidden

#5 Feb 14, 2008
Yankee In Puerto Rico wrote:
First Bank was a major investor in Paseo Caribe. They are one of the principals in the the case now before the Puerto Rican courts and AAV is playing political games to delay the proceedings in the courts.
YIPR, how does the story about the fraud not admitted or denied by R-G Bank involve First Bank, another PR bank, or the First Bank's connections to Paseo Caribe?

Are you suggesting that First Bank is cooking the books as R-G was trying to do? Are you alleging any failure to comply with FDIC regulations by First Bank?

Do you think there is bank fraud at First Bank involving Paseo Caribe? Maybe money laundering?

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#6 Feb 15, 2008
gringo in tropics wrote:
<quoted text>
YIPR, how does the story about the fraud not admitted or denied by R-G Bank involve First Bank, another PR bank, or the First Bank's connections to Paseo Caribe?
Are you suggesting that First Bank is cooking the books as R-G was trying to do? Are you alleging any failure to comply with FDIC regulations by First Bank?
Do you think there is bank fraud at First Bank involving Paseo Caribe? Maybe money laundering?
The reason why I mentioned First Bank is because it was mentioned in an earlier posting on this topic that R-G Bank was a major investor in the Paseo de Caribe development. I was under the impression that the major bank involved with Paseo de Caribe is First Bank and not R-G Bank.

I should have been more careful. I did not want to leave the impression that First Bank was involved in the R-G fraud. You are correct that First Bank has no connection with the fraud.

I wanted instead to say I don't thing R-G Bank is connected with Paseo de Caribe. However, First Bank is most definitely connected as a lender for the development and is now involved as one of the key principals in the legal action to get the Paseo de Caribe development moving ahead again.

Since: Oct 07

Location hidden

#7 Feb 15, 2008
YIPR said, "The reason why I mentioned First Bank is because it was mentioned in an earlier posting on this topic that R-G Bank was a major investor in the Paseo de Caribe development. I was under the impression that the major bank involved with Paseo de Caribe is First Bank and not R-G Bank."

You are being 'disingenuous' at best and a weaseling liar at worst. There is no mention of Paseo Caribe in this story.

You only brought up Paseo Caribe so you could attempt to demean the Governor for something you don't approve of, just like people coming on here and demeaning you for preferring to live a homosexual lifestyle.

See, YIPR, that's how it works: You bring in extraneous opinions attached to irrelevant facts and then someone does the same to you. It's a round world--what goes around, comes around.

Please tell more creative lies in the future.
Don Famoso

New York, NY

#8 Feb 15, 2008
Yankee In Puerto Rico wrote:
My bank in Puerto Rico is R-G Premier Bank. I banked with Bank of America, First National City Bank, Banco Popular and several other banks. I discovered that R-G Bank is a great bank to have a checking and savings account in. They might have committed fraud -- which I don't approve --but they have been giving me excellent customer service.
Thats nothing new Im sure Banco Popular does the same thing. Their clients are always complaining of losing money.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#9 Feb 15, 2008
gringo in tropics wrote:
YIPR said, "The reason why I mentioned First Bank is because it was mentioned in an earlier posting on this topic that R-G Bank was a major investor in the Paseo de Caribe development. I was under the impression that the major bank involved with Paseo de Caribe is First Bank and not R-G Bank."
You are being 'disingenuous' at best and a weaseling liar at worst. There is no mention of Paseo Caribe in this story.
You only brought up Paseo Caribe so you could attempt to demean the Governor for something you don't approve of, just like people coming on here and demeaning you for preferring to live a homosexual lifestyle.
See, YIPR, that's how it works: You bring in extraneous opinions attached to irrelevant facts and then someone does the same to you. It's a round world--what goes around, comes around.
Please tell more creative lies in the future.
GRINGO IN PUERTO RICO: You are a hostile, sick person. I never once said it was mentioned in the news story. I said the other banks involvement was menioned in one of the messages posted... You should learn to read more carefully instead of sharpening your knives to attack with your distorted, unfounded personal insults...
~~~~~~~~~~
Here is a copy of the posted message:

"...I believe that the Family [ R-G owners ]owns the entire land next to the Caribe Hilton where the tennis courts used to be....even El Paseo Caribe might be in their hands under cover..."
~~~~~~~~~~

GRINGO IN PUERTO RICO: I have absoutely no respect for you. Why do you have to get down in the gutter -- like a sewage slime -- and do a personal attack on me because you have guilt feelings about your idol Acevedo Vila.

Personally, I don't worry a second about a Drama Queen like you thinking about homosexuality. It has nothing to do with this thread. Why do you even bring it up?

Your personal attack for me citing facts and not what you want to hear is a disgrace to you as a balanced rational being.

Also, stop playing God by saying you know what I think and feel inside me. I think your status preferences is based more on emotion rather than intellect. You do not feel too comfortable in your support of AAV...

I might add that I do think that Acevedo is the worst governor in the history of Puerto Rico. He has added cost after cost to the people while providing less and less services. We often need to wait for over two hours for a B21 Bus which used to come within a half hour. Our water and electric bills are skyrocketing. AAV, whether you like to hear it or not -- your idol is servously harming investments in Puerto Rico with his self-serving stupidity regarding Paseo de Caribe.

I HAVE ABSOUTELY NO RESPECT FOR YOU WITH YOUR PERSONAL UNFOUNDED ATTACKS. YOU ARE IN THE GUTTER OR MAYBE ALREADY IN THE SEWER. PLEASE PULL THE MANHOLE COVER OVER YOUR HEAD AND GET LOST IF YOU CANNOT BEHAVE RATIONALLY AND WITH REPECT FOR OTHER POSERS' VIEWPOINTS.

I AM DISGUSTED WITH YOU AND HAVE NO RESPECT FOR YOU. I WILL NOT READ YOUR POSTINGS AND WILL NOT RESPOND FURTHER TO YOU. SORRY, YOU ARE BELOW CONTEMPT AND NOT WORTH RESPONDING TO...

IT IS CREEPS LIKE YOU THAT MAKE ME WONDER WHY THE HELL I KEEP POSTING ON TOPIX PUERTO RICO. MAYBE IT IS BECAUSE I REFUSE TO LET THE CREEPS SHOVE ME OFF. YOUR INSULTS ARE COMPLETELY OUT OF ORDER AND NOT NECESSARY.

Since: Oct 07

Location hidden

#10 Feb 15, 2008
YIPR:

Thanks for reacting EXACTLY as I wanted. You involved Paseo Caribe in this thread so you could slam the Governor. Now I don't care a damn for the Governor or any of the candidates running for Governor. None will serve Puerto Rico well, only their party.

EVERY TIME you do this during the upcoming election season I intend to do precisely what I did this time.

It's a round world. Stay on topic and leave your little smarmy unattached attacks on all things non-PNP out of it. If there is a thread talking about the shortcomings of AAV, then by all means let us know what a skank you think he is. If not, stay on topic.

I cannot believe how easy it was to manipulate you into this reaction! Remember my admonition--attack others for no reason and you will be attacked for no reason. It's a ROUND world--what you send off comes back.

This is GREAT! I can pull this on you anytime.

Since: Oct 07

Location hidden

#11 Feb 15, 2008
To whom it may concern:

If you are the person who has to clean up the mess because Yankee in Puerto Rico's head blows up, sorry. If I were you I'd just leave it for the blow flies to clean up.

“Honorable Permanent Union”

Since: Aug 07

San Juan, Puerto Rico

#12 Feb 15, 2008
gringo in tropics wrote:
To whom it may concern:
If you are the person who has to clean up the mess because Yankee in Puerto Rico's head blows up, sorry. If I were you I'd just leave it for the blow flies to clean up.
To whom it concerns...

Gringo in Tropics is arrogant. Also, I have a right to have my viewpoint and others have a right to have their viewpoints... agreeing with me or disagreeing with me without personal insults. Gringo is the hot head who blows... and blows... blows his stack...

(Read Gringo's remarks which you will agree are personal insults based on no facts... without justifications.)

If I don't like the governor's handling the Paseo de Caribe,I have a right to disagee with him. I did not bring up Paseo de Caribe on this thread. However, once it was brought up I had a right to express a negative or postitive viewpoint.

If the kitchen become too hot for Gringo to handle he should get the hell out of the kitchen. No one including Gringo do not dictate to me what my viewpoint should be or when I should voice a viewpoint.

Gringo should put on a ski mask and go live with the protesters in there garbage heap of a camp at the entrance to Paseo de Caribe. Be sure not to take a bath. He could do "civil disobedience" to keep the construction workers from going back to work to support their families.

Gringo, wearing a ski mask, could complain about using public land while his filthy camp is on public land and not paying rent. Of course, Gringo will follow a court ruling if it is in his favor. If it is not in his favor, he will denounce the court's ruling and pratice "civil disobedience."

He has a lot of experience in hurling personal insults that are irresponsible and destructive. Actually, Gringo is too old to be sophomoric... He is no longer at Woodstock or in college...

Maybe, he did not go to college or Woodstock and is now trying to make up for lost time as a sopohomoric protester.

Since: Oct 07

Location hidden

#13 Feb 15, 2008
YIPR spouts without facts: "Of course, Gringo will follow a court ruling if it is in his favor. If it is not in his favor, he will denounce the court's ruling and pratice "civil disobedience."

As an officer of the Courts (I am a member of the Federal Bar) I ALWAYS respect the Court's rulings. I NEVER practice Puerto Rican style 'civil disobedience'(ie: former PNP Governor Papa Doc Rossello likes to walk out on portions of his restaurant bills to make a point--up North this is called 'stealing,' a word unknown to the New Progressive Party, but practiced by many of the party officers who now sit in Federal prisons.)

I know nothing about the so-called protesters at the Paseo del Caribe project. I avoid San Juan. The city rats are too big for my small Borinquen Terrier to kill.
lararush

San Juan, Puerto Rico

#14 May 16, 2013
the fraud is bigger than paseo Caribe,,it goes back to all/most of the loans bought to mortgage brokers like New York mortgage brokers and others. The bank industry is untouchable in P.R.

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