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Dominican Republic’s first ever securities fraud case

Santo Domingo.- Dominican Republic´s first ever securities fraud on Wednesday concluded with the conviction of Dionisio Homero Pimentel Cabral and Jose Ramon Attias Peña, sentenced to six years in prison, whereas codefendant Samir Pimentel Cabral faces two years.

The prosecution accused the three of defrauding dozens of people out of more than RD$50.0 million at the National District 4th Appellate Court, by conspired to violate Securities legislation by issuing commercial papers to bilk 66 clients posing as a formal business and duly authorized traders.

Specifies that the suspension date, the company ATTIAS, engineers-Architects, SA, had an issuance of publicly offered securities outstanding for not less than RD $ 51,474,580.15, consisting of investors.

The ruling says the brokerage firm Global Transactions SA was headed by Dionisio and Samir Pimentel, who issued the bogus papers.

“The issuance of these papers was subjected to a redemption program or quarterly payouts, culminating on April 11, 2006, which wasn’t complied with,” said prosecutor Karina Conception in the hearing.

The convicts are currently in the jail at Ciudad Nueva Courthouse, in Santo Domingo, awaiting transfer to a correctional facility.

Source: DT

Nov 25, 2015

Category: DR News |

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Last updated December 8, 2016 at 12:00 AM
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