Recognizing scams & fraud

Source’s stated verification: October 2026.

This is the reference catalog: every major scam family documented in Panama, with the court cases, dollar amounts, and dates behind it — plus the official registries that neutralize most of them before you pay anyone a dollar. For consumer-protection mechanics (ACODECO filing, Ley 6 discounts) see our companion guide, "Scams & Consumer Protection in Panama."

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How big is the problem in 2026?

Record-level and still climbing. Between January 1 and July 31, 2026, the Ministerio Público registered 3,970 fraud complaints — about 18 per day, up 14% over the same 2025 period. The fastest-growing category is computer-manipulation fraud (art. 226): +313% year-over-year (46 → 190 cases). The MP estimates ~80% of fraud now arrives through digital platforms and phone calls.

Geography matters: after Panamá province (2,296), the next two complaint provinces are Panamá Oeste (526, +33%) — the Coronado beach corridor — and Chiriquí (351) — Boquete/David — the country's two biggest expat-retiree clusters.

Penalties doubled in response. Ley 524 of May 26, 2026 raised simple estafa to 3–6 years (was 1–4) and aggravated estafa to 7–12 years when the loss exceeds B/.100,000 or the perpetrator is a company officer — the classic "investment firm" fact pattern.

⚠️ Read these numbers correctly: they are complaints, not convictions. Panama publishes no estafa-specific conviction rate (a real data gap), mass operations report arrests rather than verdicts — and Panama has no victimization survey at all.

What investment scams are documented in Panama?

How it works: a "firm" or "club" promises fixed returns on forex, crypto, mining, or real estate, recruits through expat networks, pays early withdrawals from new deposits, then freezes payouts. ⚠️ Every name below comes from a court record or official regulator alert — but alerts and indictments are allegations until a court convicts.

CASE FILE — Financial Pacific (2013–2026). Four ex-executives of the collapsed brokerage were sentenced in 2025 to 96 months for estafa agravada after inducing Belize's Caye International Bank to transfer ~US$12M into an account "not regulated or authorized by the SMV"; confirmed May 2026. Even licensed-adjacent firms moved client money through unregulated accounts — and it took ~12 years from scandal to sentence.

CASE FILE — Richard Fifer / Gold Dragon (2006–2024). The ex-governor of Coclé got 120 months for selling mining-concession options he did not own for >US$100,000; captured January 2024 crossing into Costa Rica at Paso Canoas on a US passport.

CASE FILE — Cash FX Group (CFTC, September 2026). The US CFTC alleges Cash FX ran a $950M forex/crypto MLM Ponzi ("trading packs," weekly returns); "CASH FX GROUP S.A." is on Panama's SMV alert list. Its predecessor AirBit Club had a Panamanian co-founder (Gutemberg Dos Santos, 12 years in SDNY) — and victim money came back only through US DOJ forfeiture, not Panamanian proceedings.

Forex "trading academies": the SMV's formal alert against OmegaPro (September 2022) preceded its collapse (~1.8M victims globally) by weeks. The SMV alert list carries the whole academy/MLM cluster recruiting in Panama — IM Mastery Academy, I Markets Live, Day Trading Academy, Profit Team PTY and dozens more — none licensed for securities or forex from or into Panama.

Clone-firm spoofing — the newest category: fraudsters now impersonate licensed Panama firms: the SMV list includes "OLGA CANTILLO – LATINEX – SUPLANTACIÓN DE IDENTIDAD" (posing as the regulated exchange and its president), a cloned "Private Investment Management Advisors Panamá," and a fictitious regulator, the "Panama Securities Board." Never verify through the website or phone the "advisor" gives you — use supervalores.gob.pa or (507) 501-1700.

Guaranteed-return condos: the canonical debacle is Ibiza Playa Corona/Coronado — buyers of $90–100K condo-hotel units promised rental income received checks "as small as $40"; the developer had mortgaged the common areas (pool, lobby) through a related company, and when it defaulted the bank seized 14 fincas, barring owners from their own pool.

Crypto: the Marco Galbiati case (fake crypto "club," hundreds of victims recruited at his Cerro Azul residence) ended with his arrest in Italy in February 2025 on Panama's extradition request. ⚠️ No public confirmation of a completed extradition or trial as of October 2026 — treat the case as unresolved.

What property fraud is documented in Panama?

Double sales: the signature case is Brazilian broker Alexander Ventura Nogueira, who sold the same Loft One units to different buyers — Roger Khafif claimed $812,000 across eight contracts — and accumulated 14+ estafa proceedings, one confirmed 5-year conviction (2014), and, per La Estrella (October 2026), residence in the Dominican Republic despite standing arrest orders. Lesson: serial fraud outlasts serial litigation.

Forged escrituras reach the Registro Público — documented. Dutch resident Max Van Rijswijk was sentenced (July 2020) to 48 months for falsifying a corporate acta to seize and sell a partner's finca — yet kept promoting unbuilt "eco-resorts" to foreign pensioners through 2025 (a Belgian investor: "terminé perdiendo el dinero de mi pensión"). In Herrera, a man obtained 4 fincas worth $2.01M through falsified public deeds (2018). And in October 2026 prosecutors opened a probe into the irregular ANATI transfer of 67 hectares ($8M) in Penonomé — land farmed for 30 years — to people who had arrived three months earlier.

Pre-construction collapse: the live mega-case is Empresas Bern / Town Center Costa del Este — the CEO cited for imputation on estafa agravada, a B/.18.1M civil claim attached, and a parallel $77.7M arbitration award still uncollected two years on (⚠️ ongoing; no conviction). At retail level, ACODECO logged 280 complaints against developers for B/.13.24M in Jan–Aug 2026, refunds the #1 cause. The most decision-relevant number in Panama real estate: ~10–40% recovery in developer bankruptcy without a fideicomiso (trust) versus >80% — or late delivery with no loss — with one. Fideicomiso or walk.

Phantom listings: the police cybercrime division officially warns each high season of non-existent beach rentals at "extremely low prices" with advance-payment demands. Never pay before visiting; verify the owner at the Registro Público.

ROP misrepresentation: derechos posesorios (unregistered State land) invite double sales precisely because they are not in the Registro Público; "easy to title later" is the classic hook. Default posture: walk away.

Timeshare / vacation clubs: the ATP received 638 denuncias for vacation-plan scams in 2025; ACODECO's historical file tops 2,154 complaints / >$8.7M. Verify any seller against the ATP's registered-agency list — most complaints trace to non-certified intermediaries.

What immigration and legal fraud is documented?

Fake lawyers: in June 2026 a Venezuelan national was jailed pending trial for posing as an immigration abogado — four open files, >$7,000 taken. Verification is free: the Órgano Judicial's idoneidad registry (organojudicial.gob.pa — the tool Panama's own consulates tell applicants to use), the carné's QR code, and disciplinary history at the Colegio Nacional de Abogados. No idoneidad number = walk away.

Gestor overcharging: the US Embassy warned (July 2024) of people charging up to $2,000 for US-visa "tramitación" — no tramitador is authorized, period. Panama's consulates likewise warn that no agency or gestor may sell visa appointments; only you or a credentialed lawyer may file. Anyone claiming "a contact inside Migración" is selling fraud.

Document mills: Operación Credenciales (August–September 2026) raided 21+ locations in four provinces and apprehended 23 people for selling fake diplomas — the same machinery behind fake employment offers and licenses. Marriage-fraud precedent: the Tribunal Electoral annulled 38 paper marriages in 2004; residency bought through a simulated marriage is revocable — and exposes you to falsification charges.

What banking and phone fraud is hitting expats?

Post-merger phishing: three of Panama's top-10 banks changed hands within seven months (Scotiabank→Davivienda, effective December 5, 2025; Multibank→BAC; Banistmo→BSC). Fraudsters rode the December 2025 Davivienda integration with fake "update your account" SMS/WhatsApp waves and cloned portals. Davivienda's verbatim guidance: "Davivienda no lo llamará para cambiar su tarjeta… Si lo llaman para pedirle que transfiera su dinero a otra cuenta, termine la llamada." Any bank "data update" message or call is fake — full stop.

WhatsApp hijacking: Operación Deep Scam (June 2026) arrested four people for hijacking accounts and begging the victim's contacts for transfers; police call it one of the country's most frequent scams, with some groups run from inside prisons. Entry vector: the 6-digit verification code ("I sent it by mistake") — never share it; set a two-step PIN. Local variants demand urgent ACH/Yappy transfers; the "Yappy reversal" scam (buyer pays, you see the credit, then a reversal follows) circulates in expat forums — ⚠️ anecdotal but recurring; deliver goods only against cleared funds. SIM-swap attacks are documented — set a SIM PIN with your carrier.

Your rights if money leaves your account: Panama has no statutory zero-liability rule — reimbursement is bank policy, and banks routinely treat phishing victims as negligent. The formal path: report in writing immediately (the bank has 30 days to answer), then a free SBP complaint — binding up to B/.20,000, now on the electronic Acuerdo 9-2025 platform — plus a criminal denuncia. SBP: 506-7800 / 800-7897; WhatsApp 6787-8480.

What personal and daily-life scams are documented?

The grandparent scam — run from Panama: the network that terrorized US seniors had its logistics hub here. Stefano Zanetti, a Canadian running a Panama watersports business as cover, directed couriers collecting fake "bail money" from elderly Americans' doorsteps; in May 2026 he was sentenced to 188 months in US federal prison plus $780,870 restitution. Lessons: Panama-based crews target North American grandparents — and extradition from Panama happens.

AI voice cloning: a Panama law-firm alert (August 2025) warns scammers clone relatives' voices from seconds of audio. Defense: agree on a family safe-word today, never post it online, and hang up and call the relative on their known number. Urgency + secrecy + money = scam.

Airport and street: Uber itself warns Tocumen riders not to accept rides from solicitors inside the terminal — match the plate in-app only. Casco Antiguo merchants warned (March 2026) of pickpocket teams where neither the SPI nor the National Police patrol; Ley 460/2024 makes robbing a tourist an express aggravating circumstance.

Trusted-insider financial abuse — the most underreported category: in Pacora (June 2026), a senior who asked a coworker for help setting up online banking lost ~$20,000 in transfers to the coworker's father's account; both were arrested. AARP finds 72% of elder financial exploitation is committed by someone the victim knows. Rule: bank staff set up your banca en línea at the branch; never hand credentials to helpers.

Stem-cell quackery: Panama's national bioethics committee (peer-reviewed, July 2026) documented six companies marketing unproven stem-cell "treatments" at $5,000–$50,000 — some geo-block Panamanian IPs to target foreigners. Only four institutions are MINSA-authorized (Instituto Oncológico Nacional, CSS Arnulfo Arias Madrid, Hospital del Niño, The Panama Clinic), and MINSA opened administrative files only in August 2026. Any other clinic selling "therapy" for chronic disease operates outside the authorized framework.

Funeral overbilling: one company — Inversiones El Crepúsculo, S.A. — accounts for ~90% of all historical funeral complaints (1,014 of 1,128). The trap: promoters at bus and Metro stops get signatures on "a survey" that is actually a binding funeral-plan contract. Never sign anything at a bus stop; complaints go to ACODECO.

Which famous scams are NOT documented in Panama?

Honesty box — these circulate in expat lore, but our research found no documented Panama case as of October 2026. Treat as vigilance-not-verified:

• Fake-police street shakedowns — phone-based "police/fiscalía" impersonation is documented regionally; in-person fake-cop shakedowns are not. Real officers never demand money; ask for the carnet and call 104.
• Scopolamine / "burundanga" — the criminal economy is Colombian-documented; zero Panama cases found. Standard drink precautions remain prudent.
• Lottery-ticket and gold-brick street cons (tocomocho) — Spain-documented; Panama's documented analog is the phone/WhatsApp "premio" lure.
• Prosecuted romance scams against expat residents — none named in 2024–26 Panamanian press (victims report to home-country channels instead). The pattern is globally documented: never send money to a romantic interest you have not met.

Who do I verify before paying anyone? (The master table)

Every registry below is official and free. Absence from an alert list proves nothing — only presence on the authorized list counts.

↔ Scroll the table sideways to see every column

I've been scammed — what do I do in the first 48 hours?

Hours 0–24 — stop the bleeding:

1. Bank first. Call the fraud line, freeze cards, and ask explicitly about recalling an ACH/Yappy transfer and blocking the receiving account. Same-day reports decide outcomes.
2. Change credentials (email → banking → social), kill unknown WhatsApp sessions, warn your contacts. Preserve screenshots, receipts, destination accounts — do not wipe the phone.
3. US victims: file at IC3.gov immediately — it accepts foreign-resident victims, and its Kill Chain froze funds in 66% of eligible 2024 complaints ($561.6M of $848.4M targeted). It only works fast.

Days 1–7 — report everywhere that counts:

4. DIJ 314-1048 (cyber/fraud intake) or the nearest fiscalía (505-3256) — file the denuncia with your evidence bundle; get an acuse de recibo. In tourist zones, also the Policía de Turismo (511-9260).
5. ACODECO if a Panamanian business is involved — free, no lawyer needed up to $5,000 ($30,000 for vehicles). All-time record: 46,002 complaints resolved for consumers, >B/.480 million; real estate is the biggest category (7,143 claims / B/.379.6M), funerals the smallest. ⚠️ Agency self-reports — "resolved in favor" includes withdrawals, not just adjudicated refunds.
6. Your embassy (US: Panama-ACS@state.gov, 317-5000) — it cannot investigate or pay bills, but it tracks crimes against citizens and provides lawyer lists.

Weeks 2–4 — work the process: retain a Panamanian abogado to convert the denuncia into a querella, making you a formal party, and attach the civil claim — art. 1969 Código Judicial: every crime generates a civil action for restitution and damages. Expectations: investigations take 2–4 months, prosecutions years; the highest-probability recoveries, in order, are the 24–72-hour bank recall, card chargebacks, ACODECO conciliation, and — in cross-border cases — home-country restitution (cf. Zanetti's $780,870).

⚠️ The recovery-scam warning: anyone who contacts you afterward offering to "recover your money" for an upfront fee is the second act of the same play — including fake "IC3 agents" (FBI-documented). Only police, prosecutors, your bank, ACODECO, and your retained lawyer are legitimate.

Why don't seniors report — and what can families say?

The shame dynamic is measurable: AARP/FINRA's Blame and Shame research found 85% of people believe fraud can happen to anyone, yet 53% also blame victims. That double standard is why seniors stay silent — and silence keeps the same crews operating. The harm is rarely just money: about two-thirds of fraud victims suffer serious non-financial harm — severe stress (50%), anxiety (44%), sleep disruption (38%), depression (35%).

Language that works: say "This was a crime. These criminals are professional manipulators. It is not your fault, and reporting it protects the next person." Never "how could you fall for that."

Hotlines that answer (free): US DOJ National Elder Fraud Hotline 833-FRAUD-11 (833-372-8311); AARP Fraud Watch Network 877-908-3360 (Spanish available); FINRA Helpline for Seniors 844-574-3577; US crisis line 988 (works online from abroad).

The 15-rule checklist (print this)

1. Guaranteed or fixed returns = fraud. No legitimate investment promises them.
2. Verify the license yourself — SMV, SBP, SSRP, JTBR — never through a link the seller sends.
3. Not on the authorized list = not authorized. Absence from the alert list proves nothing.
4. No lawyer without an idoneidad number (organojudicial.gob.pa). No gestores, ever.
5. Your lawyer, your escrow. Never the seller's attorney; never deposits in cash or crypto.
6. Titled property only — fresh Registro Público certification + certified plano. Walk away from ROP.
7. Pre-construction: fideicomiso or walk — the difference between >80% and 10–40% recovery.
8. Check the developer on ACODECO's Tablero de Quejas before any reservation payment.
9. Never pay for anything you haven't seen — rentals, land, "investments."
10. Banks, ACODECO, and embassies never message you first asking for data, codes, or transfers. Hang up; call the official number.
11. Never share the 6-digit code. Set a WhatsApp two-step PIN and a SIM PIN today.
12. Family safe-word for any "relative" emergency call — then hang up and call their real number.
13. Urgency + secrecy + payment to a personal account = scam. Every time.
14. A "recovery agent" offering your money back for a fee is the second scam.
15. Report it. Silence is the scammer's business model — the querella plus the 48-hour bank recall are how money actually comes back.

Sources

• TVN-2, MP fraud statistics Jan–Jul 2026 — https://www.tvn-2.com/nacionales/panama-registra-promedio-18-estafas-fraudes-informaticos_1_2258201.html — 2026-08-28
• Infobae Panamá, computer fraud +313% — https://www.infobae.com/panama/2026/08/20/los-fraudes-informaticos-se-disparan-en-panama-los-casos-aumentaron-313-en-un-ano/ — 2026-08-20
• Gaceta Oficial, Ley 524 de 2026 (full text) — http://gacetas.procuraduria-admon.gob.pa/67501_20260527143803.pdf — 2026-05-26
• La Prensa, 80% digital fraud / prison-run groups — https://www.prensa.com/judiciales/estafas-en-panama-del-hackeo-de-whatsapp-a-la-venta-ficticia-de-autos/ — 2025-04-14
• TVN-2, Financial Pacific 96-month sentences — https://www.tvn-2.com/nacionales/judicial/exdirectivos-financial-pacific-son-condenados-prision-estafa-agravada_1_2191447.html — 2025-05-27; Órgano Judicial confirmation — 2026-05-19
• Panamá América, Fifer 120 months — https://www.panamaamerica.com.pa/judicial/condenan-richard-fifer-120-meses-de-prision-1197991 — 2021-11-28; CRHoy capture — 2024-01-07
• InvestmentNews, CFTC v. Cash FX Group — https://www.investmentnews.com/regulation-legal-compliance/never-a-losing-day-cftc-alleges-950-million-forex-ponzi-scheme/268363 — 2026-09-25
• The Register, AirBit Club sentencing — https://www.theregister.com/2023/09/27/crypto_ponzi_airbit_operator_jailed/ — 2023-09-27
• SMV, Alerta al Inversionista registry (incl. OmegaPro comunicado, Latinex/Cantillo spoof) — https://supervalores.gob.pa/alerta-al-inversionista/ — accessed Oct 2026
• La Estrella, Ventura Nogueira located in Dominican Republic — https://www.laestrella.com.pa/panama/nacional/ventura-nogueira-republica-dominicana-PMLE140924 — 2026-10-03
• Revista Concolón/Divergentes, Van Rijswijk land-fraud investigation — https://revistaconcolon.com/poder-y-corrupcion/panama-en-venta-tierras-disponibles-para-el-mejor-especulador/ — 2024-10-11
• TVN-2, Herrera forged escrituras ($2.01M / 4 fincas) — https://www.tvn-2.com/nacionales/detencion-provisional-hombre-apropio-fincas_1_1340232.html — 2018-09-12
• La Estrella, ANATI Penonomé probe (~$8M) — https://www.laestrella.com.pa/panama/politica/anati-penal-tierras-traspaso-investigacion-BSLE76740 — 2026-10-02
• La Prensa, Empresas Bern–Town Center proceedings — https://www.prensa.com/judiciales/fiscalia-solicita-imputar-a-herman-bern-y-sus-hijos-por-el-caso-de-costa-del-este-town-center/ — 2026-09-17
• La Estrella, ACODECO developer complaints 2026 — https://www.laestrella.com.pa/economia/reclamos-contra-inmobiliarias-ante-la-acodeco-superan-los-106-millones-en-siete-meses-BA25253277 — 2026-08-29
• PanamaProp, pre-construction recovery rates / fideicomiso — https://www.panamaprop.com/blog/que-pasa-si-promotora-quiebra-preventa-panama-2026 — 2026-05-02
• Policía Nacional, phantom-rental warning — http://www.policia.gob.pa/27303-verano-sin-estafas-polica-brinda-recomendaciones-para-prevenir-engaos-en-el-alquiler-de-inmuebles.html — 2025-01-14
• Telemetro, ATP 638 vacation-plan denuncias — https://www.telemetro.com/entrevistas/nacionales/unas-638-denuncias-fueron-presentadas-2025-estafas-planes-vacacionales-n6076866 — 2026-04-22
• La Prensa, Ibiza Playa Corona/Coronado rental-pool collapse — https://www.prensa.com/impresa/economia/Caja-Ahorros-secuestro-hotelero_0_4206329373.html — 2015-05-11
• TVN-2, fake immigration lawyer detained — https://www.tvn-2.com/nacionales/detencion-provisional-falso-abogado-venezolano-tramites-migratorios-ministerio-publico_1_2246607.html — 2026-06-17
• US Embassy Panama, visa "tramitación" scam warning — https://pa.usembassy.gov/es/toma-control-de-tu-perfil-la-embajada-de-ee-uu-en-panama-advierte-sobre-posibles-estafas/ — 2024-07-16
• Infobae Panamá, Operación Credenciales — https://www.infobae.com/panama/2026/09/01/caso-de-diplomas-falsos-deja-12-detenidos-y-13-bajo-arresto-domiciliario-en-panama/ — 2026-09-01
• Panamá América, 38 fraudulent marriages annulled — https://www.panamaamerica.com.pa/content/tribunal-electoral-anula-38-bodas-fraudulentas — 2004-01-24
• El Espectador, Davivienda–Scotiabank integration phishing — https://www.elespectador.com/economia/finanzas-personales/alerta-por-intentos-de-estafa-tras-integracion-entre-davivienda-y-scotiabank-noticias-colombia/ — 2025-12-01
• TVN-2, Operación Deep Scam — https://www.tvn-2.com/nacionales/hackeo-pacora-whatsapp-bella-vista-aprehendidas-hombre-mujeres_1_2245554.html — 2026-06-11
• SBP, complaint procedure / Acuerdo 9-2025 — https://www.superbancos.gob.pa/sac/reclamos — accessed Oct 2026
• US DOJ W.D. Pa., Zanetti grandparent-scam sentencing — https://www.justice.gov/usao-wdpa/pr/canadian-man-sentenced-more-15-and-half-years-prison-lead-role-multi-million-dollar — 2026-05-05
• TVN-2, Casco Antiguo pickpocket alert — https://www.tvn-2.com/nacionales/comerciantes-casco-antiguo-alertan-hurtos_1_2231221.html — 2026-03-11
• TVN-2, Pacora online-banking elder fraud — https://www.tvn-2.com/nacionales/padre-e-hija-aprehendidos-estafa-adulto-mayor-banca-en-linea-prestamo-20-mil-dolares-pacora_1_2244226.html — 2026-06-04
• AARP Public Policy Institute, scope of elder financial exploitation — https://www.aarp.org/pri/topics/work-finances-retirement/fraud-consumer-protection/scope-elder-financial-exploitation/ — 2023-06-27
• Stem Cell Reports / La Prensa, unproven stem-cell clinics and MINSA action — https://www.prensa.com/sociedad/minsa-abre-investigacion-a-locales-que-ofrecen-tratamientos-con-celulas-madre/ — 2026-08-31
• La Estrella, ACODECO funeral complaints / El Crepúsculo — https://www.laestrella.com.pa/economia/cuidado-con-lo-que-firma-acodeco-advierte-sobre-trampas-en-planes-funerarios-HC24404571 — 2026-07-27
• FINRA Foundation, "Blame and Shame in the Context of Financial Fraud" — https://www.finrafoundation.org/sites/finrafoundation/files/Blame-and-Shame-in-the-Context-of-Financial-Fraud.pdf — 2022
• FBI IC3, 2024 Annual Report (Kill Chain freeze rate) — https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf — 2025