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Monex Plans to Report Ex-Employee to Legal Authorities

MONEX 1

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By Jesús Aguado

In April this year, Atención reported that the savings of dozens of expatriates living in San Miguel that had been invested with Grupo Financiero Monex disappeared and that these expatriate account holders were requesting compensation from the investment company for money the customers said was stolen. Now the company says that 79 percent of the aforementioned cases have been solved and that it will request legal action against an ex-employee allegedly responsible for the thefts.

According to a signed Monex press release sent to Atención this week, the financial company has received 49 oral and written reports regarding 160 million pesos (eight million US dollars) in missing account-holder money. It has resolved 39 of the cases involved, the release said.

In the press release Monex said it has “begun legal proceedings against Marcela Zavala Taylor,” the Monex ex-employee allegedly responsible for the missing money cases. Monex’s release added that all irregular activity it has discovered will be reported to the authorities, who ultimately will be responsible for determining her guilt and punishment. The document made it clear that the clients will have all possible support from Monex.

Atención contacted people close to Zavala Taylor. Some said that she is not in San Miguel, while others said that she is. Peggy Taylor, Zavala Taylor’s mother, told us, “I am not authorized by my daughter’s attorney to comment on anything regarding this case. My [other] children do not have information, and they do not share or comment on anything in this case. This is how it should be. This is a process, and it will end whenever it has to end.”

Carlos Ragoitia (not his real name), a former Monex customer who did business through Zavala Taylor, told Atención that in the process of getting his money reimbursed by Monex, he learned that Zavala Taylor used his family’s account as a “master” account that she used to transfer other account holders’ funds around. He remembers thinking that when Zavala Taylor offered services like delivering money to his family’s home, that it seemed irregular.

Like many San Miguel Monex customers who did business through Zavala Taylor, his family sometimes had withdrawals from their accounts delivered to their home by a courier.

“Banks do not provide that service in México,” he said. “She also cheated [account holders] when she told them that their accounts were in dollars. That is not possible unless you are a company. Here the accounts are in pesos.”

Ragoitia told us he never noticed financial irregularities with his family’s account balances and that their money was delivered or transferred when needed. But in December, when his family needed several thousand pesos, they realized that something was not right. Their expected financial transaction was not transferred in minutes as usual. It took hours, and then days.

Ragoitia says that he then asked Zavala Taylor for her Querétaro manager’s phone number and she sent him one, but it turned out to be that of a person whom Ragoitia now believes was an accomplice. He said the man is the manager of a CI Banco branch in Querétaro and was not an employee of Monex at the time.

Monex has returned all of the money that was missing from his family’s account. He also told us that as far as he knows, a major investigation is imminent. He implied that it would be conducted by the Mexican attorney general’s office, adding that a local civil servant could be involved in the case, supposedly for having received a transfer for 700,000 pesos.

 

BOX

Grupo Financiero Monex, a Mexican financial company, offered financial and banking services in San Miguel de Allende until 2015, when it closed its offices on calle Mesones. However, the company, which has offices in Querétaro, continued to provide services to San Miguel residents through a representative, Marcela Zavala Taylor. Around December 2018, several expatriates found that they could no longer get in touch with Zavala Taylor, and soon afterward realized that their accounts were empty. To date, Zavala Taylor’s whereabouts appear to be unknown. Read our previous story online here: http://www.atencionsanmiguel.org/2019/04/26/thousands-of-dollars-have-disappeared-from-san-miguel-expat-accounts/

 

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