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Federal prosecutors push fraud convictions for former Banco Panamericano directors

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Federal prosecutors push fraud convictions for former Banco Panamericano directors

Federal prosecutors in São Paulo, Brazil, have pushed to nine former directors atBanco Panamericano for crimesagainst the financial system.

The penalties include up to 78 years imprisonment, in additionto forfeiture of seized goods to help compensate for losses absorbed when the federalgovernment acquired the bank, now called BancoPan SA, through state-run CaixaEconômica Federal.

The prosecutors alleged that the former directors manipulatedBanco Panamericano's balance sheet between 2007 and 2010 in order to bolster earningsand receive more than 100 million reais in bonuses and other irregular payments.

As of Oct. 7, US$1 wasequivalent to 3.22 Brazilian reais.