Balance-Statement Reporting at Premium Capital Funds (A)

Balance-Statement Reporting at Premium Capital Funds (A)

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Publication Date:
December 16, 2019

Source:
Darden School of Business

This case is part of the Giving Voice to Values (GVV) curriculum. To see other material in the GVV curriculum, please visit http://store.darden.virginia.edu/giving-voice-to-values. In 2009, Ricardo Martinez, management assistant at Premium Capital Investment Advisors (PCIA), was asked to fabricate some of the information to be included in the monthly account balance statements addressed to five shareholders in Premium Capital Funds (Premium), a piece within a complex network of firms founded by Interbolsa, the largest brokerage firm in Colombia. The request, Martinez had been told by his supervisor, “came from the top.” Martinez found himself at a crossroads: however outrageous the order was, refusing to obey it would certainly have negative consequences for his immediate future and medium-term career. Reporting the issue to the authorities appeared as though it would be totally useless-and yet, obeying was out of question. What, then, could he do to try to stop this falsification from happening?

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Balance-Statement Reporting at Premium Capital Funds (A)

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