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6 years ago

Balboa Bank - Waked Family - Clinton List

6 years ago
You may have seen stories about the shutdown and sale of the Balboa Bank in Panama, to the BTC Banking Group, and the owners, the Waked Family being on the Clinton List. The Balboa Bank was formerly operated by Allen Stanford, called the Stanford Bank in Panama, who was jailed for 110 years for the 2nd largest Ponzi scheme ever, behind Bernie Madoff. It's an interesting story and movies have been made about it. In the news a few days ago, attorneys for Nidal Ahmed Waked Hatum, the Panamanian business owner who is facing seventy years in Federal Prison for money laundering and bank fraud, have indicated that their client intends to enter a plea of guilty in the case pending against him, in US District Court in Miami. He is accused of operating a massive money laundering syndicate for Colombian and Mexican narcotics traffickers, employing a network of Panamanian businesses his family owned.

The defense attorneys have notified the Court that they are withdrawing the following pending motions:
(1) Motion to dismiss for lack of jurisdiction.
(2) Motion to dismiss indictment as being time-barred.
(3) Motion to Exclude Wiretap Evidence.

A decade ago, when Panamanian law enforcement was notified of the Waked Organization's money laundering operation, by a whistle blower, that information was illegally passed on to the Wakeds by José Ayú Prado, then a government prosecutor, and now the Chief Magistrate Judge of Panama's Supreme Court of Justice. Possibly, as part of his cooperation, Waked may implicate Prado, so that the Judge could be removed from office, and extradited to Miami to face justice, as a part of Panama's judicial reform efforts.

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