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TMCNet:  Antigua & Barbuda Supreme Court Decided to Continue Investigations against Former Executives of Barnett Capital Group

[December 06, 2013]

Antigua & Barbuda Supreme Court Decided to Continue Investigations against Former Executives of Barnett Capital Group

ANTIGUA --(Business Wire)--

The High Court for the Eastern Caribbean, based in Antigua & Barbuda, decided at a special hearing to proceed to trial and investigate BARNETT CAPITAL GROUP executives Andres Omar Sotillo and Rodrigo Fernandez Tinoco, against whom default judgment was entered under allegations of corporate fraud committed against DAVOS INTERNATIONAL BANK.

The High Court took the position that the grave and seriousness of the allegations warranted further investigation to establish responsibilities.

Sotillo and Fernandez, according to an audit and forensic report siphoned more than US$8 million for their own benefit and other concealed third parties, violating the Code of Ethics and standards of financial compliance followed at Davos International Bank, at a time they controlled its management. The executives now with BARNETT CAPITAL GROUP also self-financed with more than US$1.8 million, hiding their identity through corporate borrowers.


Banking authorities in Dominica, jurisdiction where BARNETT CAPITAL GROUP operates an off-shore Bank, might consider an investigative inquiry regarding the capitalization of this bank, which may have been funded from illicit sources. BARNETT CAPITAL GROUP in Dominica is owned by Fernandez and Sotillo, in partnership with Rafael Martin Guedez. The Supreme Court of Venezuela found Martin Guedez guilty of banking fraud. His extradition is under the consideration of prosecutors at the Attorney General's office in Venezuela.


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