SPAIN: So the police investigation against the CNMV / Cinco Dias / The police investigation into alleged corrupt plot was conceived in the CNMV It is based on the open to Vetusta Wealth Management Portfolio Managers, which ended in nothing in 2007, and advisory firm (Eafi) Dracon Partners records. The latter ended with a fine of 1.875 million euros to the company and its founder, Sara Perez Frutos, in early 2015.
Although the complaint Perez Frutos has been the trigger for the report of the Economic Crime Unit and Attorney Police (UDEF), the case brought in 2005 to the portfolio manager Vetusta is crucial in documenting any irregularities in the practice of the supervisor.
The CNMV suspended in January 2007 activity firm despite not having detected signs of fraud; in March of that year he closed the case in April and asked the manager down. Yesterday, in a statement, its founder William Menendez Escandon remember Vetusta “was forced to close [...] without ever having a claim [...] and in compliance not only with the Spanish supervisor, but with the demands of American regulators, English and Irish “.
Escandon says the CNMV forced him to unsubscribe in the register of brokers:” The file of the case was preceded by the inexcusable demand that the investment management company submitted the lowest of records of the CNMV and at the same time, renounce the exercise of legal action against the CNMV “says portfolio manager in a document.
Three key Escandon says Guillermo Menendez had Vetusta as “strategic partners” to Banesto and investment banks, Legg Mason and first after Piper Jaffray.
At the time of closing, the portfolio manager had assets of about 35 million euros in 41 portfolios and 50 employees were laid off.
Renta 4 assumed the portfolio management of the firm.
Information Cinco Dias
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