Monday
Monday 24th February 2025.
February 23, 2025
The promise of a lucrative investment that would allow them to improve their quality of life turned into a scam that left hundreds of people not only without their savings, but also trapped in an exhausting legal battle to try to recover money whose repayment remains uncertain.
Ramón, Enrique and Mariela (fictitious names) fell into the net prepared by Marco Galbiati , an Italian who presented himself to them as a prominent investor in cryptocurrency platforms, who promised large profits with little investment.
According to his victims, Galbiati was a talkative, persuasive and charismatic man, who radiated kindness towards those close to him.
Billions Trade Club was the shell company through which Galbiati promised huge returns to those willing to invest in the cryptocurrency business.
Recruitment meetings were held in the most expensive hotels in Panama City. Sometimes, the meeting for those closest to him was held at the Ocean Business Plaza tower, where he had his offices and offered training to the best prospects, who were tasked with recruiting more people for the business.
This group was called his sales force, as they were responsible for recruiting more people. On other occasions, he gave talks in his apartment located in the Grand Tower building.
The reward for those who were part of his sales force meant that, for each person he recruited, the prospect received 10% monthly of the sales achieved by the members of his group.
Galbiati was a man who exuded power and wealth. He arrived at meetings in a Maserati, and his closest associates also had luxury cars. At the meetings, people would toast with wine and enjoy good food; everything was like a big party.
The most private meetings were held at a property that Galbiati owned in Cerro Azul, a large property with a swimming pool and rooms that could accommodate several people.
He also held meetings via Zoom, YouTube and Instagram to recruit people from Colombia, Peru, Venezuela and Mexico, countries to which Galbiati occasionally traveled to promote the Billions Trade Club platform .
He also used influencers to promote and advertise the platform through social media.
To communicate with his partners, Galbiati set up a WhatsApp group with more than 200 people who had invested in his platform.
Ramón, Enrique and Mariela alone invested about $80,000 in the platform, money from which they expected to receive large profits.
Ramón donated $10,000 of his savings to invest in Billions Trade Club, while Enrique contributed $50,000 and Mariela donated $20,000, the product of savings earned over years of work and which she has not yet informed her family that she lost.
It all came to a head in July 2024, when Galbiati stopped paying investors. Initially, he claimed that there were difficulties with the server, which was located in Canada, from where the platform operated, but later claimed that he could not pay because the money had been stolen.
A complaint filed with the Public Prosecutor’s Office by some 19 victims of the scam states that Galbiati presented himself as an expert in investments and financial marketing, who supposedly taught his victims how to operate and generate returns through cryptocurrency platforms, but over time, they never received the money that corresponded to them after the investment made.
The complaint, which is expected to include more victims, details the meetings held by Galbiati in luxury hotels and apartments located in Punta Pacífica, which were attended by hundreds of people looking to make an investment and obtain large returns almost instantly.
The complaint states that these facts have been brought to the attention of the Public Prosecutor’s Office in order to demand criminal liability from the accused and obtain civil compensation for damages arising from the criminal act.
According to the complaint, Billions Trade Club’s activities began in 2019 with meetings convened for people interested in investing in cryptocurrencies, and that Galbiati was the one who managed the opening of digital accounts and carried out the transactions on behalf of the investors.
It is also mentioned that this Italian citizen structured this investment scheme in order to obtain an illicit financial benefit to the detriment of investors.
The complaint estimates the economic damage caused to the complainants at approximately $398,303, a figure that may increase if new victims join the complaint.
The Ministry of Government approved two modifications to the Vehicle Traffic Regulations through Executive Decree No. 11 of February 20, 2025, with the aim of strengthening the collection of fines from users of corridors and highways, since there is a considerable number of people who ignore the payment of fines imposed by the Land Transit and Transportation Authority (ATTT).
The amendments to Articles 241 and 243 of Executive Decree No. 640 of 2006 establish that offenders must be in good standing with the National Highway Company (ENA) or the corresponding concessionaire before paying the fine to the ATTT. In addition, the online payment option for this infraction is eliminated, which will force drivers to resolve their debt with ENA or the concessionaire before regularizing their situation with the ATTT.
Among the main penalties established in the amendment, there is a fine of $10.00 for insufficient balance when passing through toll booths on highways and motorways. It also specifies that the responsibility for paying certain infractions will fall on the owner of the vehicle.
Government authorities indicate that the measures seek to reduce toll evasion and improve road safety, ensuring compliance with the regulations established in the Traffic Regulations of the Republic of Panama.
Executive Decree No. 11 will come into effect 30 days after its promulgation in the Official Gazette , on February 20, 2025.
Carnival in Panama will be celebrated from March 1 to 4, and with these dates approaching, the Consumer Protection and Competition Authority (Acodeco) announced the start of a preventive operation in the main localities where the greatest influx of public is expected.
The aim of this measure is to ensure respect for consumer rights and compliance with legal provisions on the marketing of products and services.
Throughout the week leading up to Carnival, Acodeco said it will carry out intensive inspections to verify that establishments clearly display the prices of their products. Although the entity does not regulate prices, it does require that they be accessible and visible to consumers, in order to avoid abusive practices.
Acodeco urges the population to take into account the following recommendations to avoid inconveniences during the holidays:
- Product Review: Before purchasing food, beverages or other consumer items, it is essential to check the expiration date and ensure that the products are not expired. This is especially important for products in high demand during Carnival, such as bottled water, soda, beer, energy drinks and canned foods.
- Display prices: Consumers have the right to demand that the prices of all products are clearly visible at points of sale. Don’t be fooled by establishments that omit this information, as prices must be indicated on each item to avoid surprises at checkout.
- Checking offers and promotions: If a business offers discounts or promotions, it is important to check that these are clear and correctly specified. Offers must indicate the start and end dates, the products included, the regular price and the discounted price. In addition, promotions must not exceed three months in duration.
- Discounts for special groups: Panamanian legislation grants special discounts to retirees, pensioners, senior citizens and people with disabilities on certain products and services. Consumers must ensure that these discounts are applied correctly and report any irregularities.
- Filing complaints and claims: If consumers detect violations such as lack of visible prices, expired products, misleading advertising or non-compliance with promotions, they can file their complaints through Acodeco’s Sindiplatform . This tool is available 24 hours a day via WhatsApp and Telegram at 6330-3333, as well as on the social networks @AcodecoPma and on the institution’s website.
- Be careful with the quality of the products: Given the high consumption of food and drinks during Carnival, it is essential to check the integrity of the products before buying them, ensuring that they are not damaged or in poor condition.
The draft reforms to the Social Security Fund (CSS) are, without a doubt, one of the most urgent measures to guarantee the well-being of the population and ensure an environment conducive to investment and job creation. This was emphasized on Sunday, February 23 by the Chamber of Commerce, Industries and Agriculture of Panama (Cciap) regarding Bill No. 163, which is currently being debated in the plenary session of the National Assembly.
In its Sunday column La Cámara Opina , the union stressed that the discussion of this issue cannot be postponed any longer and called for acting responsibly and with a vision for the future.
“The CSS is the backbone of the country’s social security system and its financial crisis represents an obstacle to economic recovery. If we do not address this situation seriously and promptly, the consequences will be devastating: an unsustainable pension system, higher unemployment and an uncertain economic environment that drives away investment,” warned the organization, chaired by Juan Arias.
On the other hand, the Cciap pointed out that, if a comprehensive and equitable reform is implemented, the country will be able to regain the confidence of the markets and strengthen its position in the region.
The Chamber also recalled that Panama will face a crucial evaluation in March and April by the risk rating agencies. In this regard, it indicated that, without a structural reform of the CSS and without progress in other strategic sectors, “the risk of losing the investment grade is imminent,” which would bring with it “an increase in the cost of financing and a lower capacity to attract investments.”
The Cciap also mentioned that the Government has announced an Economic Reactivation Plan, the success of which will depend largely on the capacity of the private sector to generate jobs. To this end, it stressed that it is essential to promote strategic sectors such as construction and infrastructure.
“We cannot ignore the fact that the construction industry, a key pillar of our economy, is going through a deep crisis with more than 26,000 unemployed workers and more than 100 projects at a standstill. This sector needs a clear and effective policy, starting with the discussion of the Law on Preferential Interests, which expires in December and whose continuity remains uncertain,” the union added.
In addition to social security, the Cciap considers it imperative to address other strategic issues, such as the mine in Donoso and the development of the Indio River project. Recently, the Panama Canal Authority (ACP) declared the construction of a reservoir in the Indio River basin as a priority to guarantee the availability of water in the interoceanic route.
“The construction of a new reservoir in this area represents an opportunity to improve the water supply for Panamanians and ensure the viability of future operations of the Canal, a central axis of our economy,” said the Cciap.