This case is part of the Giving Voice to Values (GVV) curriculum. To see other material in the GVV curriculum, please visit http://store.darden.virginia.edu/giving-voice-to-values. In 2009, Ricardo Martinez, management assistant at Premium Capital Investment Advisors (PCIA), was asked to fabricate some of the information to be included in the monthly account balance statements addressed to five shareholders in Premium Capital Funds (Premium), a piece within a complex network of firms founded by Interbolsa, the largest brokerage firm in Colombia. The request, Martinez had been told by his supervisor, came from the top. Martinez found himself at a crossroads: however outrageous the order was, refusing to obey it would certainly have negative consequences for his immediate future and medium-term career. Reporting the issue to the authorities appeared as though it would be totally useless—and yet, obeying was out of question. What, then, could he do to try to stop this falsification from happening? Excerpt UVA-OB-1306 Giving Voice to Values Rev. Mar. 23, 2020 Balance-Statement Reporting at Premium Capital Funds (A) On the afternoon of May 6, 2009, Ricardo Martinez walked out of Rachid Maluf's office. Maluf was managing director of Premium Capital Investment Advisors (PCIA), and Martinez was one of his most trusted subordinates. Martinez had just been asked to fabricate some of the information to be included in the monthly account balance statements addressed to five Premium Capital Funds (Premium) shareholders. The request, Martinez had been told, came from the top. Premium was an investment fund incorporated in Curacaoi in 2000 and run primarily from Colombia. It was a piece within a complex network of firms founded by Interbolsa's main shareholders. By 2009, Interbolsa was the largest brokerage firm in Colombia. By then, the fund had about 900 shareholders, and was allowed to engage in a wide variety of security-investment and trading activities, including but not limited to publicly traded equity, debt of emerging-markets companies, unlisted securities, and private placements investments, with the objective of seeking maximum capital appreciation and keeping low volatilities. . . .