Pacheco: Villalobos Investors Are Fools
By Fabián Borges
Ticotimes
During an interview yesterday for Canadian television, President Abel Pacheco referred to the hundreds of North Americans who invested and lost their life's savings in the now-defunct Villalobos Brothers' investment operation as "fools."
Several Canadian investors have blamed the Costa Rican government for the loss of their savings, arguing that if the government had not raided the offices of the Villalobos Brothers, they would still have their money.
"I don't understand why people act like this. The Bible says the number of fools in the world is infinite," Pacheco said. "How could anyone think they could double an investment in three or four years? It's quite obvious that anyone who promises those kinds of interest rates is a con."
He made it clear that the Costa Rican government and the General Superintendence of Financial Entities (SUGEF) never approved nor endorsed the Villalobos' operation, The Vault or any other similar high-yield business ventures.
"Those people foolish enough to believe in those types of schemes were the victims of a terrible theft and a con," he argued. "The courts are open to them. They must now appeal to the law to handle their claims. It's obvious that those kinds of revenues can't be obtained through honest business. Those who invested risked their life's savings in something that was clearly illegal.
"As far as I know, the only activities that generate such revenues are dirty businesses such as prostitution, drug trafficking and money laundering," he said. "As long as people continue to be that innocent and irresponsible with their money, these scams will continue to claim more victims."
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Pat Buchanan and Bill O'Reilly for the White House
By Fabián Borges
Ticotimes
During an interview yesterday for Canadian television, President Abel Pacheco referred to the hundreds of North Americans who invested and lost their life's savings in the now-defunct Villalobos Brothers' investment operation as "fools."
Several Canadian investors have blamed the Costa Rican government for the loss of their savings, arguing that if the government had not raided the offices of the Villalobos Brothers, they would still have their money.
"I don't understand why people act like this. The Bible says the number of fools in the world is infinite," Pacheco said. "How could anyone think they could double an investment in three or four years? It's quite obvious that anyone who promises those kinds of interest rates is a con."
He made it clear that the Costa Rican government and the General Superintendence of Financial Entities (SUGEF) never approved nor endorsed the Villalobos' operation, The Vault or any other similar high-yield business ventures.
"Those people foolish enough to believe in those types of schemes were the victims of a terrible theft and a con," he argued. "The courts are open to them. They must now appeal to the law to handle their claims. It's obvious that those kinds of revenues can't be obtained through honest business. Those who invested risked their life's savings in something that was clearly illegal.
"As far as I know, the only activities that generate such revenues are dirty businesses such as prostitution, drug trafficking and money laundering," he said. "As long as people continue to be that innocent and irresponsible with their money, these scams will continue to claim more victims."
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Pat Buchanan and Bill O'Reilly for the White House
