This was a huge scam that caught a lot of people here in Boquete with their pants down. I constantly said that this firm was a scam and people would loose their money and some did and some lost millions. Here is a Eric Jackson’s comment from The Panama News and I totally agree with him.
The former directors of the closed COACECSS credit union are being formerly charged with financial crimes. Some may recall that I was much maligned for warning that their CDs with the fabulous rates of return being sold by thuggish foreigners for this credit union were almost surely bogus. If it sounds too good to be true, it probably is. If some particular members of the usual good ole boys are vouching for it, it almost certainly is. But a lot of more sensible and honorable people were hoodwinked, too. (I think that it’s mainly because once upon a time this credit union had earned a good reputation in some places, before it was led astray into the world of ponzi schemes.) But WHY, with all of this hue and cry about foreigners, are those who were selling these CDs in the gringo community not being prosecuted, or in the cases where they are not Panamanian citizens, thrown out of Panama?
Coacess, …. This credit union was totally abused by the management. Yes, A scam ? No ! I too had two plaza fijos and a savings account. The Panamanian financial agency took over Coacess and is collecting the account receivables as scheduled. The collection of loan payments has continued since Coacess closed their doors and all savers will be made whole. I was made whole over a year ago and the larger account holders receive 10% of there balance every six months. The funds are sufficient to pay all..
This was an important issue to the Panamanian Government and they acted ! My aunt had a large account with them and she since has returned to the USA ,but, left us the Power to pick up her checks.We have gotten 3 checks on her behalf and it will be almost 4 years to receive the rest. She will get it ..
Please don’t play fast and loose with the facts..
Sampson Valverde
Potrerillos, Chiriqui
ooops.. A final though.. Many gringos hired lawyers.. Now, the lawyers weren’t able to do anything, but ,read the official press releases and a bunch I’ve heard are charging a % fee for the recoveries. This is another scam ! Everyone I know involved with an account received emails directing them when an where to collect there checks.. Most were directed to local Fedpa Insurance offices that they rented for the day(s).
Sampson Valverde
Potrerillos , Chiriqui