The Office of the Commissioner of Financial Institutions of Puerto Rico issued an immediate summary order and administrative complaint against Luis A. Gasparini Sr., chairman and sole shareholder of Banex International Bank. The order bars him from disposing of property acquired, improved or paid for with Banex funds, directing or receiving bank funds, exercising authority over Banex or interfering with its receiver. It was issued alongside orders placing the international financial entity into receivership, revoking its license and directing its liquidation and dissolution. The regulator alleges that Banex is insolvent and that depositor funds were used for Gasparini’s benefit, including through a personal receivable of USD 13.78 million, property purchases and improvements, personal expenses and purported capital contributions. It also cites unauthorized related party credit, inaccurate regulatory reports, an unverified USD 24.05 million in transit account and failure to disclose a federal subpoena. As of June 30, Banex reportedly had USD 10.2 million in cash and cash equivalents, including USD 2.9 million that was frozen, against USD 46.9 million owed to uninsured depositors. Gasparini must preserve relevant records, provide a sworn account of transactions and assets within 15 days, and assist the receiver in obtaining control of Banex’s assets and systems. The complaint seeks his removal and disqualification, restitution of at least USD 13.78 million plus additional amounts identified through a forensic investigation, and USD 800,000 in fines for 32 alleged violations. These sanctions have not been imposed and will be considered at an administrative hearing scheduled for Oct. 6, 2026.

Original source