Decision of the Eastern Caribbean Supreme Court in the High Court of Antigua and Barbuda
- The highest legal authority of Antigua and Barbuda has entered default judgment against Rodrigo Fernández Tinoco and Andrés Omar Sotillo, Directors of Barnett Capital Group, for committing corporate fraud against Davos International Bank
- The Supreme Court´s decision ruled that the defendants should bear the costs of this trial and pay for financial penalties, which will be soon established
ST. JOHN'S, Antigua, Oct. 14, 2013 (GLOBE NEWSWIRE) -- The Supreme Court of Antigua and Barbuda entered default judgment against Andrés Omar Sotillo and Rodrigo Fernández Tinoco for committing corporate fraud and violating banking regulations. Economic sanctions will be imposed to them as well as the payment of trial costs.
Davos International Bank filed a lawsuit for about $8.5 million plus damages and prejudice against its former officers Rodrigo Fernández Tinoco, Andrés Omar Sotillo, José Daniel Carrillo and Osleidys Estrada for corporate fraud, breach of their ethical obligations and financial compliance standards. Estrada, who is a current employee at Barnett Capital Group, was also found guilty in this trial.
The legal action was submitted in the Supreme Court of Antigua and Barbuda when the internal controls of Davos International Bank and the audit report of Casin & Associates (firm specialized in audits) revealed that these officers took possession of more than 12 million in personal profits. The reports also proved that they authorized finance lending to related parties, breaching the law and the international compliance standards.
The results of this audit (which was completed in 2010) were presented to the Board of Directors of Davos and allowed them to strengthen their internal controls while assuring positive results for the following years.
Davos International Bank is one of the companies of Davos Financial Group, an institution headed by businessman David J. Osío, which specializes in financial advisory in partnership with well known international firms.
The investigation on these officers took more than a year to be completed. During this period, Davos Financial Group also detected other actions that the defendants had been undertaking to defraud them. This information was already provided to the correspondent authorities.
Rodríguez and Sotillo also violated confidential contracts and their ethical obligations with Davos International Bank when they used these illegal incomes to found a new firm in Dominica, Barnett Capital Group, which is similar to Davos.
Bank authorities of Antigua and Barbuda started to investigate this case as soon as Davos Financial Group reported the situation, and the Supreme Court has ruled in their favor.
CONTACT: Davos Observer team email@example.com 786-866-4393Source:Davos Financial Group