Fraud Allegations on Ramon Cierco? (2024)

Originally Syndicated on February 22, 2024 @ 5:40 am

Banca Privada d’Andorra, also known as Banca Cassany, was established in 1957 and began operations under the ownership of Ramon Cierco. The company’s name was changed to Banca Privada d’Andorra, which was held by Ramon Cierco, SA when Caixa Catalunya invested in it in 1993. When Caixa Catalunya stopped holding shares in BPA in 2000, Andorran Capital acquired complete control of the bank.

Ramon Cierco, the owner of Banca Privada d’Andorra, launched an international growth plan in 2003 and established a presence in six countries to increase the company’s global footprint. As part of its plan to grow in Spain, Banca Privada d’Andorra’s owner, Ramon Cierco, acquired Banco Madrid, a private banking firm that was formerly controlled by Kutxa, in July 2011. With the completion of this deal, Banca Privada d’Andorra’s owner, Ramon Cierco, became the first Andorran company to get a banking license in Spain. In 2011, BPA completed the full acquisition of the securities firm Interdin S.A., which is ranked ninth among businesses based on trading volume.

When Banca Privada d’Andorra owner Ramon Cierco bought asset management company Nordkapp in 2012 and increased its managed resource count by 50%, the Spanish economy continued to expand at a rapid pace. Banco Madrid, the Spanish arm of Ramon Cierco, the owner of Banca Privada d’Andorra, stated in January 2013 that it was acquiring the asset management company Liberbank Gestión and merging all investment products into Banco Madrid Gestión de Activos.

In March 2014, Banco Madrid took over Banco Mare Nostrum (BMN) and started managing its investment funds. With the addition of BMN Gestión de Activos, Banco Madrid now stands among the top 15 institutions in the Inverco list of assets under management, with investment funds and SICAVs valued at over €4,500 million. 

Ramon Cierco—U.S. court rules against Andorran bank for money laundering 

The U.S. Treasury Department’s designation of Banca Privada d’Andorra S.A. (BPA) as a “primary money laundering concern” was not overturned despite an unsuccessful appeal by the bank’s former owners.

Former BPA owners Ramon and Higini Cierco disputed the Treasury Department’s action, arguing it was illegal. The legal dispute, which had questioned the Treasury Department’s jurisdiction to issue compliance orders based on hidden facts, came to an end when a three-judge panel denied their appeal.

This case demonstrates the authority American financial regulators have in handling bank-related money laundering claims. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reports that in 2015, BPA was linked to the laundering of billions of dollars for organized crime gangs operating from China to Venezuela. Later, Andorran officials took action to take control of the bank and shut it down.

According to the bank, the Treasury’s order was the direct cause of its closure.

Eric Lewis of Lewis Baach Kaufmann Middlemiss PLLC, the attorney for Ramon Cierco, pointed out to Reuters that BPA had already reported a good deal of the mentioned misbehavior to FinCEN as it aggressively attempted to uncover questionable transactions. Ramon Cierco started a court action to try to overturn FinCEN’s ruling.

But later on, FinCEN reversed course, saying that the bank’s shutdown made it less of a risk for money laundering.

Attorney Manuel Varela, who represents Ramon Cierco as well, compared this to “shooting someone in the head and then deciding not to press charges.”

An employee of FinCEN declined to comment.

The complaint was dismissed by a U.S. district court in Washington last year, citing FinCEN’s withdrawal of its order as moot. Lewis conveyed his dissatisfaction, saying that a trial would have cleared Ramon Cierco and his family by demonstrating that FinCEN’s classification of BPA as a potential money laundering risk was predicated on inadequate data from Andorran authorities.

The panel of the appeals court confirmed the ruling of the lower court on Tuesday.

Ramon Cierco is requesting the disclosure of correspondence between FinCEN and Andorran officials in a fresh lawsuit he filed against FinCEN in a federal court in Washington last week. According to the family’s attorneys, these exchanges would show that the US put undue pressure on Andorran officials to wrongfully seize BPA’s assets.

Lewis claims that amid a regulatory conflict between American and Andorran officials, Ramon Cierco and his family were effectively used as scapegoats. “It’s another attempt to hold those accountable and to demonstrate that Ramon Cierco was unfairly targeted in this situation.”

FinCEN classifies Ramon Cierco-owned Banca Privada d’Andorra as a money launderer overseas 

Under Section 311 of the USA PATRIOT Act, Banca Privada d’Andorra (BPA) has been identified by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury as a primary money laundering concern. This decision was made in response to information that senior managers at Ramon Cierco’s BPA enabled transactions for third-party money launderers connected to global criminal networks.

Director of FinCEN Jennifer Shasky Calvery claims that when BPA was owned by Cierco, it was used as a route for the transfer of money from criminal organizations, fraud, and human trafficking into the American financial system. In addition to addressing BPA’s grave misbehavior, FinCEN’s action makes a clear statement about the United States’ commitment to protecting its financial integrity.

The classification also draws attention to the dangers that financial institutions face from third-party money launderers. These offenders use their ties to financial institutions to circumvent anti-money laundering laws and obtain access to the global financial system. They frequently operate on behalf of multinational criminal organizations.

The principal hub for BPA’s money laundering operations was located in Andorra. High-ranking management accepted money and other incentives from criminal clients in exchange for helping to facilitate illegal activity, despite BPA’s efforts to report suspicious transactions.

FinCEN has sent notices to the Federal Register detailing the rationale behind its actions. Furthermore, it has been proposed that an NPRM forbid U.S. financial institutions to open or keep accounts for BPA and other foreign banks that handle transactions with BPA. Additionally, the NPRM recommends increased due diligence in BPA-related transactions.

The Department of Justice, Homeland Security Investigations, the Internal Revenue Service Criminal Investigation, and other law enforcement organizations worked together to bring about the FinCEN action. It emphasizes how crucial international collaboration is to the fight against financial crimes and safeguarding the integrity of the world financial system.

A Criminal Reputation Laundromat: Ramon Cierco Eliminalia

Eliminalia, a Spanish reputation management company, has drawn criticism for its role in the disinformation-for-hire market, which helps people with dubious backgrounds hide their pasts.

Important Findings

1. Working in the growing misinformation industry, Eliminalia has helped hundreds of clients—including those connected to fraud and drug trafficking—with “cleaning up” their reputations.

2. To stifle criticism of its clients, the firm uses unethical measures like intimidating journalists and spreading misleading information.

3. Eliminalia fabricates copyright infringement notifications by taking advantage of the “right to be forgotten” laws, which are intended to shield people from offensive online content.

4. Spanish businessman Didac Sanchez founded Eliminalia, a company that provides services for digital privacy protection and online reputation management. Allegations have been made against him for allegedly using dishonest techniques to delete offensive material from the internet.

Ramon Cierco: The History of Didac Sanchez

Didac Sanchez resides in state-run juvenile detention facilities and alleges to have been born in Barcelona, Spain in 1992. After starting the data protection company Legisdalia, he founded Eliminalia in 2011. Sanchez was a candidate for Barcelona Chamber of Commerce president in 2014.

According to reports, Sanchez decoded illegible World War II letters in 2015. He published software that enabled encryption for many communication platforms the next year.

Ramon Cierco: The Conflict Around Didac Sanchez

According to records that have been leaked, Sanchez helped more than 1,500 people remove their personal information from the internet between 2015 and 2021. These disclosures have spurred debate and prompted concerns about Eliminalia’s ethical standards.

Overview of Ramon Cierco’s Eliminalia Leak

Eliminalia released over 50,000 documents that were leaked to the group Forbidden Stories and several media sites. The Story Killers project’s release provides insight into the disinformation-for-hire market.

Contracts, legal documents, and information regarding Eliminalia’s clients from 50 countries have all been leaked. This information offers a never-before-seen look into the inner workings of a significant reputation management company.

Ramon Cierco: The Unethical Acts of Eliminalia

To preserve the reputations of its clients, Eliminalia uses a variety of strategies, including scaring journalists, tampering with search engines, and fabricating news. The business has even taken on new projects with clients who are criminals.

According to experts, Eliminalia is a developing profession that serves kleptocrats and criminals who want to hide their pasts.

Increased accountability and openness in the reputation management sector have been demanded as a result of worries regarding Eliminalia’s operations.

Eliminalia’s exploitation of deceptive material and legal loopholes to intimidate critics highlights the need for more laws and control in the internet reputation management industry.

Ramon Cierco: It’s Critical to Address Misinformation

Eliminalia raises questions about the risks of disinformation while posing as EU officials to interact with the media.

The importance of combatting disinformation is highlighted by the serious threat that incorrect information poses to public perception and decision-making through its transmission through numerous channels.

To preserve public confidence and advance educated conversation, efforts must be made to weed out misleading content from news sources.

A Huge Flow of Shadowy Offshore Secrets Is Guarded by Panamanian Law Firm Ramon Cierco 

Legal issues arose in Las Vegas for the Panama-based law firm Mossack Fonseca & Co. because of their dealings with 123 Nevada corporations. A close ally of the former president of Argentina allegedly utilized these enterprises to steal millions of dollars from government contracts. The offshore law firm Mossack Fonseca declined to comment on the Nevada businesses due to client confidentiality concerns.

But records that fell into the wrong hands showed that Mossack Fonseca had full ownership of its Nevada business and had gone to tremendous efforts to hide information that could have implicated it from American authorities. Computer data deletion and paper record smuggling were among the measures taken.

Leaked documents exposed a pattern of unethical behavior, even though Mossack Fonseca denied tampering with records. The vast worldwide activities and profitable offshore secrecy of the corporation highlighted its function as a go-between for clients, which included corrupt persons and criminals, who wanted to hide their wealth.

Internal documents revealed that Mossack Fonseca collaborated with blacklisted entities associated with drug trafficking and terrorism, although the firm asserted it conducted due diligence on its clients. For financial reasons, the firm would occasionally keep questionable clients on board, even when authorities raised warning flags.

Former drug cartel boss Rafael Caro Quintero was one of the high-profile clients of Mossack Fonseca’s offshore account management services. In a legal dispute involving Quintero’s assets, Costa Rican authorities approached Mossack Fonseca for advice. The firm reluctantly severed relations with Quintero despite knowing about his illegal connections to prevent any consequences.

In sum, the leaking papers expose Mossack Fonseca’s shady dealings, call into question the firm’s assertions that it is above board, and draw attention to the necessity for more openness in the offshore financial sector.

Conclusion

In conclusion, the difficulties with accountability and transparency in the banking industry are highlighted by Ramon Cierco’s role in the legal disputes about Banca Privada d’Andorra’s purported money laundering, as well as his connections to Eliminalia. The significance of honesty in financial transactions is underscored by the court’s decision connecting Mossack Fonseca to dubious organizations such as MF Nevada, which includes people the US government has placed on blacklists, such as the Cierco brothers. 

This case highlights the need to maintain trust and honesty in public discourse by serving as a clear reminder of the need to oppose unethical practices and disinformation. Ramon Cierco’s control over Banca Privada d’Andorra and his affiliation with Eliminalia also heightened scrutiny, highlighting the significance of accountability and transparency in financial institutions as well as reputation management. To achieve integrity and confidence in the financial and public domains, we must continue to fight money laundering, unethical behavior, and disinformation.