Not yet broke but probably in May. All funds blocked.
For the Spanish speakers: Autoridades de EE.UU. investigan a banquero José Antonio Oliveros Febres-Cordero de Banco Activo ”“ Por la Noticia
Basically it says that their owner is being investigated by the FBI for various irregularities and he is currently hiding in Dominican Republic.
Dear client,
We hereby notify you that on February 10, 2020, the Office of the Commissioner of Financial Institutions of Puerto Rico (the “Commissioner”) issued an Order, in consent with Activo International Bank, to allow the Bank to implement a Restructuring Plan to reestablish normal operations, thus meeting its obligations with its depositors and other creditors.
The Order does not affect the general services of the Bank, as well as the economic terms of the deposits and other credits, so that those deposits for which interest payment was agreed, will continue to accrue until the date they are paid.
However, in the interest of protecting the rights of all the Bank's depositors, the Order establishes that as of its effective date and until May 10, 2020 (or any other date determined by the Commissioner), the Bank shall suspend all payments.
During this period, the Bank may not accept or make any payments, unless the Commissioner approves in writing or restores said powers of the institution. We reiterate that all other Bank services including incoming deposits will continue to operate normally.
It is in our interest to put into effect the Restructuring Plan as soon as possible, in order to restore the full operation of the institution.
We thank you in advance for your understanding and if you have any questions in this regard, please contact your account representative.
We appreciate your collaboration and trust.
Customer Support
Activo International Bank
For the Spanish speakers: Autoridades de EE.UU. investigan a banquero José Antonio Oliveros Febres-Cordero de Banco Activo ”“ Por la Noticia
Basically it says that their owner is being investigated by the FBI for various irregularities and he is currently hiding in Dominican Republic.
Dear client,
We hereby notify you that on February 10, 2020, the Office of the Commissioner of Financial Institutions of Puerto Rico (the “Commissioner”) issued an Order, in consent with Activo International Bank, to allow the Bank to implement a Restructuring Plan to reestablish normal operations, thus meeting its obligations with its depositors and other creditors.
The Order does not affect the general services of the Bank, as well as the economic terms of the deposits and other credits, so that those deposits for which interest payment was agreed, will continue to accrue until the date they are paid.
However, in the interest of protecting the rights of all the Bank's depositors, the Order establishes that as of its effective date and until May 10, 2020 (or any other date determined by the Commissioner), the Bank shall suspend all payments.
During this period, the Bank may not accept or make any payments, unless the Commissioner approves in writing or restores said powers of the institution. We reiterate that all other Bank services including incoming deposits will continue to operate normally.
It is in our interest to put into effect the Restructuring Plan as soon as possible, in order to restore the full operation of the institution.
We thank you in advance for your understanding and if you have any questions in this regard, please contact your account representative.
We appreciate your collaboration and trust.
Customer Support
Activo International Bank
