CNBV acted improperly on the Ficrea fraud

The National Banking and Securities Commission (CNBV), the supervisory body of the national financial market, acted improperly on the Ficrea fraud against more than 6,500 500 savers, said Edward Martín Regalado, legal representative of more than fifty fraudsters they are still in trial after three years.
The founder of the firm “Regalado & Galindo” explained that he has filed six class actions for the irregular and deficient supervision carried out by the CNBV over Ficrea and that it is expected that in the first four months of 2018 the Federal Court of Administrative Justice will issue the corresponding judgment for the lawsuit filed against the State and against the majority shareholder of Ficrea Rafael Antonio Olvera Amezcua, currently living in Miami, Florida.

He clarified that this instance does not have the last word, because the losing party, whether those affected or the defendant, may challenge the ruling before a Collegiate Circuit Court or before the Supreme Court of Justice of the National, which would create jurisprudence and , with this, it would help other people who in the future would be affected by this type of fraud.

On the eve of the third anniversary of the management intervention of the popular financial company Ficrea and its suspension of operations decreed by the CNBV, the lawyer pointed out that the Commission has done everything to delay the resolution of these cases, notwithstanding that “the one who supervises is co-responsible “

“That Commission does not feel comfortable with the supervision performed. Among the grounds of the claim is that this supervisory body did not verify that Ficrea complied with all the requirements before starting operations; that its officials should not recognize the illegal acquisition of control and actions of Ficrea by Rafael Olvera; that the CNBV had knowledge since mid-2011, if not since 2010, of the main non-compliances and evidences that they invoked in November 2014 to intervene managerially to Ficrea; and that there was a conflict of interest in the auxiliary supervision of that institution via the Atlantic Pacific Federation and Sergio Ortiz Valencia, the director of that organization and in charge of its internal surveillance, “he said.

He also stressed that for the first time an impartial tribunal, other than the CNBV, will issue a judgment analyzing the merits of these claims against the State, which could occur in April 2018.

His defendants, he said, not only demand compensation for material and moral damage caused to savers, estimated at around 100 million pesos, but also a public apology from the president of the CNBV, proportionally to the commitment of that Commission committed to manifest open and repeatedly before the media that have no responsibility for the bankruptcy of Ficrea.

In a press conference the lawyer of the savers indicated that there are legal ways to claim the personal and direct responsibility of Rafael Antonio Olvera Amezcua, partner in more than 99 percent of Ficrea, through the lifting of the corporate veil.

Therefore, he concluded, has also promoted civil lawsuits against Rafael Olvera himself, which the courts have declared well founded, to force him to repair the damage caused, although the bankruptcy is caught between multiple challenges and the judge’s disapproval of the reports of the trustee, so that those affected have not been able to recover even 20 percent of their savings in this way.

Source: The Journey

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