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3/28/11

How Richard Fifer of Petaquilla Minerals (PTQ.to) treats his business partners

This month we've already seen the conviction papers that explain in clear detail how Richard Glenn Fifer Carles of Panama (and not some homonym in Miami) was convicted of narcotrafficking back in the 1970s, with half a dozen or so examples of  cocaine and marijuana pushing brought before the court, his conviction, his time locked away and his probation. So yes, despite his denials on the matter (he's now trying to play with his own name, call himself "Richard Carles Fifer" and confuse people into believing it's not him, FWIW) we know he's a convicted felon. But as a few mailers have pointed out, it was a long time ago, he did his probation and kept out of trouble afterwards and perhaps there's good reason to give him the benefit of the doubt and not to assume that leopards never change their spots.

Fair enough, so let's move on and see how Richard Fifer of Petaquilla (PTQ.to) treats people he goes into business with, shall we? This link will take you to a court decision in Panama dated May 4th 2000 regarding the case brought against Richard Fifer (via his company Minamerica Corporation) by Julio Benedetti (via his company Inversiones Geologicas SA). The court decision is in Spanish, but it's pretty clear stuff for those versed in the language and the main judgement is that Fifer (via his company) was ordered to pay back U$475,000 to Benedetti (via his company).OK, so Fifer lost his case, but the details of the action show Fifer in his true light. By way of a brief summary of the case, here are a few bullet points:

  • In 1994, Inversiones Geologicas (the Benedetti company) lent Minamerica (the Fifer company) U$400,000 at a rate of interest of 9.25% annual. This interest was calculated to 1998 and explians the $475,000 total judgement against Fifer. 
  • Fifer then got his company to lend him the money. In other words, he cleaned out Minamerica of all cash assets and we assume lived his own style of highlife on the $400k. And hey, that kind of wedge buys more than a single round of mojitos.
  • When Benedetti (via his company) asked for his money back (we assume he went through the normal protocolar channels to do so), Fifer said something to the effect of "Minamerica is bankrupt, it has no money left, it's not my problem, sorry dude, you lose".
  • So Benedetti then somehow finds out that Fifer asset stripped the company, pulled a fast one and was living on the money borrowed out of a company that he himself bankrupted.
  • Then to the courts. Benedetti won.

Listen, those bullet points above are a mix of the facts of the case and a tad of interpretation of what probably went on, so I highly recommend you download your own copy and get the full info yourself. But even if the interpretation is a bit loose, we're really not going to be far away from the substance of Richard Fifer's idea of doing business. This very same dude now runs a gold mine in Panama! FerCryinOutLoud, you must be mad to put your cash to work under the auspices of a scumbag drug dealing fraudster like this. DYODD.