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Jul 17, 2014

Internal Battles at the Ariel Rosado Memorial Foundation Boil Over

The Ariel Rosado Memorial Education Foundation prided itself on Wednesday when it granted thirty scholarships to deserving students. But an internal problem at the Foundation has gone public and the situation is likely to get nastier. Doctor Alvaro Rosado, President of the Foundation named after his deceased son Ariel, told the media that a co-founder of the foundation, Bruce Sanchez, was creating problems by refusing to sign cheques.  The matter has been before the courts and by agreement; it had been kept away from the glare of the media to keep the integrity of the foundation intact.  But now it is all out in the open. Sanchez and his attorney, Audrey Matura-Shepherd, called a press conference today to respond. Matura did not speak, but Sanchez did and offered copies of documents to prove his case. According to the documents, the organization was co-founded by himself and his son Bruce Sanchez Junior along with Dorla and Alvaro Rosado. But troubles started when approximately thirteen thousand dollars were allegedly drawn from the account by the Rosados without the signatures and authorization of the Sanchez’s. The Rosados then went on to form another organization, the Ariel Rosado Scholarship Fund. Here is how Sanchez explains it.

 

Bruce Sanchez Sr.

Bruce Sanchez Sr., Co-Founder, Ariel Rosado Memorial Education Foundation

“Doctor Rosado keeps saying about the board; that he has a board. When he run in trouble with the bank, he went and opened a second account with a bank—only he and his wife—that’s named Ariel Rosado Scholarship Fund. So he left the one that was with me and my son and him and his wife because he run into a problem with the bank and he opened a second one. And he only put himself and his wife; he didn’t put anybody else from the board. We have cheques that he signed. We have one, two, three, four five cheques here. We’ll show five cheques that he and wife only signed and the account set up for either he or his wife and me or my son to sign on each side; that’s basically how the accounts set up. It is over thirteen thousand dollars in cheques that either he alone signed, his wife alone or both of them excluding us—contrary to what the bank agreement say, which we have here. This is from the bank when the account was set up. I’ll further go on to say that we weren’t aware of it. The reason why we weren’t aware of it is because we trusted them and we realized that the statements were going to them, the Rosados. But we suspected that something was wrong so me and my son in a meeting decided to be treasurer. When we became treasurer, then we realized that we get these checks, all the cancel cheques and everything and then we realized really what was going on. So we decided not to continue because of the behavior of the Rosados. He is claiming that I am holding the association hostage, but I don’t see it. He is the one that is creating the problem and I don’t wanna join him; that’s the reason why he is saying that. I don’t wanna be a part of this that’s why I back off and watch it to see what happens. We are in the courts right now. The court basically ordered for me and him to come off and we get some people to sign cheques. I use my attorney, he uses his.”

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