The collapse of Colombias biggest brokerage,
Interbolsa, has caused a firestorm of litigation, leading some
to call for a Volcker Rule in Colombia.
One of the firms representing investors caught-up in the
fallout spoke exclusively to IFLR.
A key consequence of the scandal is ongoing disagreement
among Colombian lawyers over who is to blame and how effective
financial sector regulation can be if the regulators themselves
are negligent or corrupt.
When the Interbolsa scandal hit in November, as allegations
of misuse of funds, reporting fraud, and accounting fraud came
to light and the government announced
plans to liquidate the brokerage, one of the first law
firms to jump into the fray was Bogota-based Rodriguez-Azuero
Once the markets and the general public were aware of what
had happened, investors and traders went to the law firm
demanding representation through the civil and criminal
While Colombias attorney general...