CEO Says Bank Fired Him for Whistleblowing

MIAMI (CN) - The former CEO of Pacific National Bank claims he was fired for refusing to help launder money for a powerful board member, who was prevented by Ecuadoran law from earning more than Ecuador's president. Ex-CEO Carl Wolf says Pacific National is controlled by an Ecuadoran bank which in turn is controlled by Ecuador, through its national bank.

Wolf says the bank fired him in May 2008, two months after he was promoted to president and CEO. He claims that just after he was promoted, "PNB's most powerful board member, Andres Baquerizo, who was also the president of PNB's owner, directed Wolf to engage in several illegal activities, such as to have Wolf pay him an unofficial salary through covert means, and to hire a known bank embezzler from Ecuador. Wolf refused these directives and gave appropriate notice of these violations to federal regulators. Wolf was fired as a result of his opposition and protestations."

Wolf claims Baquerizo asked him to funnel an extra $8,000 per month to him, "through a third party contractor or any other means that PNB could devise. Baquerizo told Wolf that Ecuadorian law prevented Baquerizo from earning more than President Correa, who officially earned approximately seven thousands dollars ($7,000 per month. As president of BPE, Baquerizo was being compensated by BPE in Ecuador."

Wolf demands compensatory and punitive damages, in Federal Court. He is represented by Gary Costales.

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