FBI Detects Fraud in Panama Bonds

On October 5, 2000, the media reported the U.S. Federal Bureau of Investigation had detected an attempt to market bonds alleged in the amount of $100 million supposedly for the municipality of Colón, Panama. Apparently the bonds were offered with a forged letter from Panama’s ministry of finance guaranteeing repayment. In fact, the government had not approved their issuance. During the last week of September 2000, when Trident Plus, a little-known Florida-registered company approached an international investor to buy the bonds, the investor reported the scheme to the FBI. It is unknown if anyone actually bought any of the bogus bonds, which were offered in September 2000 with terms of up to 16 years and an interest rate of 5.5 per cent...[more]