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Jul 18, 2014

Ariel Rosado Foundation responds to allegation by former member

Alvaro Rosado

The Rosado family struck back today on allegations made by a co-founder of the Ariel Rosado Memorial Foundation. The board of directors hosted a press conference this afternoon to clarify assertions that have been made in the media by Bruce Sanchez Senior.  The Rosado and Sanchez families are at loggerheads over the management of funds concerning scholarships and financial assistance given to underprivileged students.  On Wednesday, a total of thirty secondary and tertiary level scholarships were awarded during a ceremony at the Lion’s Den in Belize City.  A day later, former cosignatory, Bruce Sanchez, came forward with allegations of impropriety claiming that there was hanky panky at the foundation.  In an effort to set the record straight, the Rosado family has made available receipts and other financial records pertaining to the charitable trust.

 

Dr. Alvaro Rosado, Founder, Ariel Rosado Memorial Foundation

“When we formed the foundation my wife and I invited the Sanchez’s to become signatories to the bank account and we insisted that the way it would be set up would be that one Rosado and one Sanchez would sign every check.  Two or three weeks after the foundation was formed we had a bill for trophies for our ride, the Ariel Rosado Belmopan Classic 2012.  Mr. Sanchez had personally disagreed with a race, sorry it was the race, he personally disagreed to that race and when I took the check to Mr. Sanchez to sign for the trophies he refused to sign it.  I, again, used my personal funds and paid Mr. Ramos, who is the representative of Mr. Jex in New York who supplies the trophies, I paid Mr. Ramos with my personal check and similarly when the check was prepared he endorsed it and deposited it into my account.”

 

Board Member, Ariel Rosado Memorial Foundation

Board Member, Ariel Rosado Memorial Foundation

“I have been a member of this organization for the last two years and I’ve been a member of the board of directors for last year.  The board meets on a regular basis and is responsible for the overall planning, organization and also the financial oversight for the organization.  All expenses are brought before the board, it goes through a vetting process and at the end we either agree or disagree on making payments for the expenses.  This is by no means a situation where there is no board and all decisions are made by the Rosados.  Any assertion to that respect is not based in fact.”

 

Dr. Alvaro Rosado

“After Mr. Sanchez refused to sign checks to pay for the legitimate expenses of the foundation, my wife and I discussed the matter and other board members might have been involved in those discussions and we decided to try a check with the bank to see, since there were two main signatories, and the way I saw it, it was Alvaro Rosado or Dorla Rosado and Bruce Junior or Bruce Sanchez Senior.  We decided to see if the bank would honor a check with the two Rosados signature.  The bank honored the first check that was signed, the first check that was signed was two months overdue and it was overdue to Smiling Meats for three hundred plates of barbecue that had been provided for the first annual ride we had in April.”

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1 Response for “Ariel Rosado Foundation responds to allegation by former member”

  1. Uncle Benji says:

    Bring in the auditors. We Belizeans tend to be biased in our business dealings. We allow our hearts to control our business decisions. This is bad. Very bad.

    Where there is smoke there is……………

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