Complaint Review: The Canadian Bank of Nova Scotia and Inversiones Decuria Collude to Steal Fully-Paid Apartments from Senior Citizens in Panama

THIS CASE IS REGARDING THE unjust and unlawful confiscation of my apartment, Unit # 1802, located in Project El Palmar, San Carlos, Panama, by the financial institution you represent, the Bank of Nova Scotia, ALSO KNOWN AS SCOTIABANK.   My apartment was paid for in full by certified bank check and I have already presented incontrovertible evidence in the form of copies of certified checks, letter from my bank’s manager, receipt of payment from the developer AND from your bank in the form of a “Minuta de Cancellacion”, all of this was presented to your high-ranking flunkies:  Juan Malagon and Sebastian Fiszman.   My apartment was confiscated to cover the debt of a highly dubious loan originated in 2012, by the Bank to Spanish developer Inversiones Decuria, S.A. in the amount of $10 million dollars, with no initial investment on the part of the developer.  When the developer defaulted, my apartment was one of 30 units owned and paid for by private individuals, who have been cheated out of their deeds.  It is worth noting that the total value of the apartments is DOUBLE the actual amount the Bank is owed by Decuria and Decuria possesses other assets which the Bank could have seized but no, it is so much easier to victimize the elderly.

BACKGROUND

In July of 2015, I bought an apartment in a project called “El Palmar Residences, Hotel, & Beach Club in the Republic of Panama.  The apartment was purchased with two certified bank checks from Banistmo Bank in the amounts of $3,000 and $129,000.  To date, I have not received the deed to my property, which by law and equity is rightfully mine. 

In March 2017, the developer, Inversiones Decuria, S.A., represented by Igor Cortes Gutierrez and Vicente Cortes Catalan, began preparing the many documents necessary to properly register a deed in Panama.  The Bank acknowledged my payment in full in a draft Minuta de Cancellacion, (acknowledging that all my financial responsibilities with respect to the apartment had been fulfilled).  This document was prepared in March but dated for execution at the end of May.   The process towards registration stopped in March, and the Bank did not take any other steps required by law to register my deed.  My Panamanian lawyer, Vanessa Degracia met with Juan Malagon, Sebastian Fiszman and others to try to negotiate the release of my deed.  These representatives of your Bank demanded evidence of payment, which was given; they then presented my attorney with a sham agreement entitled “Convenio” to stall for time.  Your Bank’s officers lead my attorney to believe that mine was a “special case” and that if I did not speak to other owners, I might receive my deed.  (I have no doubt that this charade was also carried out with all the other owners).

Meanwhile, your Bank was actually advancing the legal process of “embargoing” my apartment and acted in a completely deceitful manner.  Your Bank illegally and unlawfully requested the embargo of my property on May 11, 2017, and the corrupt judge granted their request the following month, all without any Notice to me.  Your Bank’s Panamanian employees colluded with Decuria in incorrectly crediting payments to the fictitious accounts of straw buyers, in order to make sales appear brisk – which they were in fact not – and to induce Canadian Bank of Nova Scotia officials to release more of the loans funds to Decuria.  This is common knowledge among the outside attorneys currently conducting an investigation of the case.  After making a terribly risky loan – by any reasonable lender standard – Scotia chose to not re-negotiate the loan, and instead confiscate the property of NOT ONLY the Debtor but  also the homes of innocent buyers such as myself.  The confiscation of the twenty apartments which Decuria owned would have been enough to satisfy the unpaid balance of the loan.  However, this was not sufficient for greedy Scotia Bank, no, they also put their dirty hands on units which were rightfully owned and paid in full by other parties.

It is no coincidence that the apartments confiscated belonged to Italian, Canadian and U.S. citizens and elderly, thus vulnerable, Panamanians.   It took your Bank an extraordinarily long period of time for your Bank to notice that the loan was in default, demonstrating your internal lack of checks and balances, and any standards whatsoever.  Your Bank’s actions have cost me my a third of my life’s savings, created huge legal bills and have also significantly affected my physical health, causing me to develop esophageal and gastric disorders and acid reflux.  The emotional toll on me has been even worse.

The other owners – about 30 –  also paid in full for their units are by-and-large unsophisticated individuals willing to wait and waste years thrashing around in the morass which is the corrupt legal system in Panama.  They may be willing to wait forever while Scotia Bank shops for another corrupt judge and for justice which will never be forthcoming in Panama. 

However, I am not willing to wait and not willing to use Panama as a legal forum.  At this time, I speak on my own behalf and represent no one else. I am willing to sign a gag order should you instruct the Bank to do the ethical and correct thing.  I demand full restitution for the cost of my apartment.

Of course, should you decide not to reimburse me for my apartment, my American, Canadian and Italian neighbors will be apprised of everything I know which they may not.   I will personally make the “Panama Papers” pale in comparison to the scandal surrounding your Bank’s actions. I have retained counsel in Canada and press releases are being prepared.  My initial letter to the Ombudsman fell on deaf ears and has begun the administrative shuffle from Ombudsman to President’s Office to Regional Banking Department, which offers no hope of resolution. 

 I intend to put all my time into further tarnishing your Bank’s not-so-sterling reputation. is my goal.  I am furious and ready to tell my story to the public.  If I am not justly compensated, my case will be presented to the media and quite happily to the court of public opinion.  I view the world’s largest newspapers, the financial press, politicians, investigative journalists and social media as my best allies in seeking justice.  You may look forward to my special efforts in Latin America, specifically Costa Rica, Chile, Colombia and Peru to expose to the world what an unethical financial institution you represent.  I possess copies of all the necessary legal documents explaining my horror story in detail and the horrendous actions of your corrupt Bank.  I have unlimited access unlimited free translation services.   I will be heard.

 DEMAND:    

 The Bank of Nova Scotia has behaved in a despicable, immoral and deceitful manner, with a complete lack of ethics.  I intend to obtain justice and if not satisfied, retribution.   I am entreating you to act ethically and responsibly on behalf of Scotia Bank and to compensate me for the property the Bank has unfairly confiscated from me, in the amount of $132,000 (plus installations and appliances).  This amount represents the purchase price of the apartment, air conditioning system and appliances.  It does not include my legal bills my medical expenses, or any compensation for pain and suffering.  This is more than fair.  Should such action not be forthcoming, I have press releases ready for distribution the world over and a Complaint nearly ready for filing. 

To anyone who reads this;   I need help.  My miserable Canadian lawyer, the Rogerson Law Group charged me $12,500 for them to read 50 pages of documents concerning this matter, and I am now broke, I have no money left.  I need an attorney in Canada and I need a publicist.