UPDATE: Itaipú pension fraud gets worse.
Apparently, $123,000,000 are missing from various wealth management firms entrusted by the pension fund's directors.
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| Informational graphic from ABC Color showing the make believe firms. |
Be suspicious of a man with five names. Venezuelan "businessman" Marcelo Alessio Silvio Barone Serrá presented himself as a money manager to the Retirement and Pension Fund of Itaipú Dam (Cajubi) responsible for the Paraguayan employees of the
world's largest dam. He was able to convince the directors of the Fund to
hand over $36 million for Barone to invest in various wealth and asset management firms based in the U.S., E.U., and Panama.
Apparently, none of these firms exist or have been shuttered.
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