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to speak of the securities, with Econoinvest (5 of 5) Andrew

6. Damage caused to the shareholders of Econoinvest

Non-payment of liabilities for repurchase, and the improper disposal of securities belonging to the clients reported to have caused undue losses Econoinvest Brokerage and ultimately to its shareholders.

The lack of timely payment of arrears would cause interest to accrue daily on behalf of clients. To date neither the auditors nor the liquidators Econoinvest Brokerage have been able to justify the lack of sufficient liquid resources to meet customer debts reported. The duty of the auditors was, first, pay the customer commitments and, second Econoinvest preserve heritage. (1)

Regardless of the legal situation of the company, either under intervention "open doors" intervention "in camera" or settlement, the duty of the Directors appointed by the National Securities Commission was always to pay when due the liabilities for repurchase and recover the securities deposited in the Caja Venezolana Securities on behalf of clients. Whenever the report can not be equated with a double purchase (see above), can not the directors or the auditor in his capacity as administrator choose which repo comply and which do not comply, based on the provisions of Code trade. (2)

Finally, the advance sale of portfolio of TICC, in addition to can be classified as misappropriation, caused economic losses perfectly predictable and quantifiable. At the time the sale was executed, there was no reason to justify such action, it was widely believed that before the end of the year would be a review of the exchange rate for the payment of TICC.

This operation has caused significant financial damage to the company. The victims of this damage are first customers Econoinvest Casa de Bolsa, which now has less liquid assets to meet its commitments, then his employees employment and social debts that the company still owed, and ultimately instance, its shareholders.

NOTES:

1 .- The only provisions in the Capital Markets Act 1998, in force at the time of the intervention, intervention on the procedure are as follows: Section 82
"When a public stock broker or a brokerage company, confronted with a difficult situation which may arise, according to the National Securities Commission, subject to shareholders, creditors or customers, or incurred in violation of this law, rules or regulations issued by the National Securities Commission, which may appoint one or more persons suitable to take charge of all management and disposal activities for brokerage activities public securities broker or brokerage company. The auditor agree on measures necessary for the recovery of the company, or for any reorganization or liquidation, and report monthly in writing to the National Securities Commission the outcome of its management.
Article 83: "When I remember the late, liquidation or bankruptcy of a public stock broker or a brokerage house, the President of the National Securities Commission or persons designated by him, shall exercise the functions of the Commercial Code is attributed to the liquidators or trustees. "
addition, through Resolution No. 057-I of 6 May 2010 the National Securities Commission issued the" Guidelines for the administrative liquidation of Corridors Public Securities Brokerage Agricultural Institutions and Collective Investment Management Companies. " The regulation, which is intended to apply retroactively attributed to the National Securities Commission much wider powers than those provided in the Code of Commerce to the liquidator or trustee, some even under the judiciary, and to establish criteria priority that violate the provisions of the Commercial Code and common law. The intervention and liquidation process that is set by the president of the National Securities Commission (now Superintendent), and arbitrary discretion clearly illegal.


CCOM 2 .- art. 992: "If the seller payment hold for lack of goods sold to the bankrupt, pursuant to Article 148, and the third case of the previous article, the trustees may, with leave of the court, require the delivery of goods , paying for them what ought to have been the bankrupt. "