Due to complaints and inquiries received, the division of Banking and Insurance within the Office of the Lieutenant Governor is issuing an advisory to the general public that a Ruth Cecilia Ibanez is not registered as a broker/dealer or an investment adviser in the territory. Moreover, Ibanez and her company, TeleMed International HQ Inc., are not authorized to issue shares of stock or promissory notes in the Virgin Islands.
Individuals who have invested money with Ruth Cecilia Ibanez and her company are urged to contact the Division of Banking and Insurance at 774-7166 immediately.
Banking and Insurance Director John McDonald also wishes to remind the public to always check the background and registration status of individuals and companies offering investment opportunities before making investments. A call to the Division of Banking and Insurance could help prevent Virgin Islanders from becoming victims of investment fraud.
“We are encouraging the public to be proactive about their investments and check with the Division of Banking and Insurance to verify that any individual claiming to be a broker-dealer, financial planner or investment advisor is registered in the territory,” McDonald said. “Any financial product for sale must be registered with the division unless subject to a valid exemption.”
To properly protect residents from investment fraud, the division offers a few tips:
· Always investigate before you invest. If an investment sounds too good to be true, your instincts may be correct, and the investment may not be legitimate.
· Always request written information that details the risk in the investment and procedures to withdraw your money.
· Never pay cash for an investment.
· Take your time and get answers to any financial matter you do not understand – don’t give in to high-pressure tactics.
· Don’t let desires for money cloud your judgment.
Individuals should contact Banking and Insurance at 773-6459 on St. Croix or 774-7166 for the St. Thomas-St. John district if they believe they have been a victim of investment fraud or to verify the license status of an investment advisor.
