- 18 -
who were directors, officers, or shareholders of LTD) and by
InverMexico account executives and employees. Accordingly, LTD
depended upon referrals rather than direct marketing.
The account executives of InverMexico (known in Mexico as
promotores and in the United States as promoters) were trained to
sell in Mexico the services of the companies within the Inver
Group, including LTD. For clients who were interested in
Mexican, peso-based investments, an account would be opened at
InverMexico. For clients who were interested in dollar deposits
or other investments outside Mexico, an account would be opened
at LTD. The number of client accounts at LTD was approximately
70 during 1984, 257 during 1985, 434 during 1986, 557 during
1987, 870 during 1988, and 1,131 during 1989. Not all client
accounts were actively traded. For those years, the total
amounts of client assets placed with LTD were $42,627,253 during
1984; $82,808,357 during 1985; $135,861,724 during 1986;
$166,544,045 during 1987; $291,002,145 during 1988; and
$285,621,179 during 1989.
Each promoter earned compensation for services rendered in
the form of a salary and bonus from InverMexico. Promoters also
earned "commissions", which did not follow a strict formula in
any one year. In some cases, a promoter might also have received
a commission directly from LTD.
Promoters presented new clients with a package of account
opening documents, which consisted of signature cards, an
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011