Turks & Caicos Islands

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US court approves application to serve summonses on VISA International for tax evasion investigation

March 31, 2002
A California court has approved a request by the Internal Revenue Service for leave to file "John Doe" summonses on VISA International as part of an investigation into tax evasion using offshore credit cards. The order, issued on March 28, 2002, allows the IRS to examine the records of VISA credit or debit cards issued "by, through, or on behalf of banks or other financial institutions" in 31 offshore jurisdictions.

Offshore provider convicted in Turks & Caicos Islands

March 31, 2002
Offshore financial services provider Mary Catherine Bruce has been  found guilty of a criminal offense in the Turks & Caicos Islands. Bruce, a U.S. national, was fined $1,000 for lying about a previous criminal conviction when applying for TCI citizenship, which is known locally as 'Belongership'.

Philip Johnston identified as President of offshore firm accused of fraud

December 31, 2001
Evidence has emerged that the President of a 'paper' offshore securities firm accused of fraud in the United States was attorney Philip W. Johnston, a Canadian who once had a law firm in the Turks & Caicos Islands.Details of Johnston's alleged involvement in TCI-registered Carib Securities Ltd. is contained in a civil lawsuit that is on-going at the United States District Court for the Southern District of Florida.

St. Vincent: Money Talks and Nano Walks

November 30, 2001
A claim by St Vincent &the Grenadines that it is serious about combating financial crime was dealt a blow on November 22 when it allowed suspected money launderer Thierry Nano to avoid an arrest warrant.Nano flew from the island on

Scott Turner hits out ahead of meeting of Atlas Securities creditors

November 30, 2001
Canadian businessman Scott Turner, who is subject to an arrest warrant in the Turks & Caicos Islands for suspected fraud, has issued a letter attacking other members of his failed stockbroker Atlas Securities Inc.Nowhere in the five page letter, which

Insider Talking: October 31, 2001

October 31, 2001
More has become known about the re branding of the First Nevisian Group, which is now known as The FN Group, and the partial move from Nevis to the Dominican Republic, where its "strategic partner" is H. E. Partners, which

TCI arrest warrants for Wayne and Scott Turner

October 31, 2001
Arrest warrants for Wayne Turner and his son, Scott, have been issued in the Turks and Caicos Islands following the collapse of their firm, Atlas Securities Inc., four months ago amid allegations of fraud.The warrants were issued at the local Magistrates Court on October 23, 2001 and are the first step in an attempt to extradite the Turners from Canada.

Offshore provider cirminally charged in TCI

September 30, 2001
Cathy Bruce, who runs Salem Management Company Ltd. in the Turks & Caicos Islands, was charged with three criminal offenses at the local Magistrates Court on September 17, 2001.Bruce, who is a U.S. citizen, was charged with two offenses of

Insider Talking: August 31, 2001

August 31, 2001
Rampart Securities, a Canadian stock brokerage which is said to be owed at least US$2 million by Atlas Securities of the Turks & Caicos Islands, has had its "membership rights and privileges" suspended by the Investment Dealers Association of Canada; Regulators in St. Vincent have revoked the Class I international banking license of Maxi Bank Inc.; A Canadian crook who goes by the name of 'Sir Daniel Kingsley Lear' has been involved in a bizarre tax fraud trial in Manitoba, Canada; Four more people have been sentenced for their involvement in a $64 million fraud carried out in the names of Hammersmith Trust, Microfund and Luxor Capital Markets; Bahamas-based Oceanic Bank and Trust Limited has opened a marketing office in London, England; and La Comisión Nacional de Valores in Panama has launched investigations into the activities of Morrison Cross Financial Investment Ltd. and Britex International Ltd.

Insider Talking: July 31, 2001

July 31, 2001
The long-awaited criminal trial of Bahamas resident Yank Barry in Texas on charges that he bribed a prison governor to secure a lucrative contract for his soy-based food firm called VitaPro is due to start on August 7, 2001 following previous delays; A look at OffshoreBanc.com; Kevin Mann, Registrar of Mutual Funds in the British Virgin Islands, has issued a Cease and Desist Order against Ian Renert's so-called Equivest Premier Holdings (BVI) Inc., which has been holding itself out to be an offshore mutual fund manager; Evergreen Security - details about creditors and how much they are owed; The 'New Utopia' farce continues; Bahamian Hubert Bowe is still trotting out press releases at www.alexandersworld.net claiming that he is about to "break ground" on a major development called Alexander's World; The last remains of FIBG's sham insurer, IDIC, disappeared recently when its web-site at www.idic-ec.org went off-line; The purchase of about 10 million shares in Manchester United PLC for some GBP28 million (US$40 million) by BVI-registered The Cuban Expression Company Ltd. - pushing its overall stake up to 6.77 per cent - caused quite a stir among business and soccer reporters in England; Further misrepresentation by The Harris Organization of Panama; and Paul de Weerd leaves his position as Superintendent of the Turks & Caicos Financial Services Commission.

PILL offers clients ‘no ID credit cards’ – 100% approved!

July 31, 2001
The Bahamas-based multi-level marketing group Prosper International League Ltd., known as PILL, has promised to review the wording of a new marketing initiative after OffshoreAlert pointed out apparent inaccuracies and misrepresentations.

Police investigate collapse of Atlas Securities

June 30, 2001
Police are investigating Wayne Turner and his son, Scott, for allegedly misappropriating an estimated $8 million from clients of Atlas Securities Inc., of the Turks & Caicos Islands.TCI police began an investigation after a KPMG audit apparently turned up evidence that the Turners had used client funds to cover margin calls relating to their personal trading accounts.

Insider Talking: May 31, 2001

May 31, 2001
Ned Richard Hart, who was criminally indicted on February 23, 2000 along with Nevis based offshore provider Raymond David Finzer and Christian G. Cooper, pleaded guilty to one count each of fraud and money laundering on May 21, 2001 at

Offshore firms defendants in new lawsuit against Grenada bank

May 31, 2001
Bermuda-based investment firm Lines Overseas Management and Turks & Caicos Islands-based RBC Dominion Securities are among 72 defendants in a civil fraud lawsuit filed in the United States by clients of Cambridge International Bank & Trust, of Grenada. They are in good company, with fellow defendants including household names such as J&H Marsh McLennan and Lloyds TSB Bank (Isle of Man).

Insider Talking: March 31, 2001

March 31, 2001
Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.

Failed $200 million fund linked with Bahamas bank

March 31, 2001
An offshore mutual fund that has collapsed amid debts of $200 million and allegations of massive fraud had close links with Bahamas-based Surety Bank & Trust, OffshoreAlert can reveal. SBT's relationship with British Virgin Islands-registered Evergreen Security Ltd. appears to be the reason why the bank chose voluntary liquidation late last year over being sold as a going concern.

Norway: Christian August Mohr

March 2, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Norway into Christian August Mohr and Carmelo Salvatore Firetto for alleged investment fraud.

TCI regulator: Harris Organization investment trust not registered here

December 31, 2000
Offshore Alert has uncovered another dubious investment fund being promoted by The Harris Organization financial services group of Panama. The objective of the Washington Pacific Investment Fund is "to achieve a rate of return of 100% per annum" by investing in "mortgage backed securities and liens", according to a prospectus.

Offshore shareholders face huge losses after First Ecom share price collapses

November 30, 2000
A publicly-traded company whose principal shareholders include the Bank of Bermuda and Lines Overseas Management is well on the way to becoming an e-commerce flop. The share price of First Ecom.com Inc. hit an all-time low of $1.063 on NASDAQ on November 30, 2000 just nine months after a trading high of $34 on the over-the-counter market.

Insider Talking: October 31, 2000

October 31, 2000
Midasco Gold Corp's dubious offshore private placement participants, Turks & Caicos Islands regulator issues warning against Orion Bank & Trust, Canadian lawsuit filed against Bermuda-based investment firm GulfStream Financial Ltd., prospectus for Bermuda Money Funds identifies long-deceased Bermudian attorney as its chairman, Better Business Bureau in Costa Rica angered by Harris Organization's false claim to be a member, New Utopia scam keeps going and going, superseding indictment brought against Nevis-based offshore provider Robin Cotterell.

US Grand Jury investigates ‘offshore bank’;

September 30, 2000
A Grand Jury investigation is currently underway in California into the activities of two people linked with a bank held out to be based in the Turks & Caicos Islands.

Undischarged bankrupt linked with Grenada bank

September 30, 2000
An undischarged bankrupt, whose debts include $4 million owed to a now-defunct Cayman Islands bank, has resurfaced as a director of Grenada-registered Sterling International Bank & Trust. Robert Leroy Bandfield Jr., 56, known as 'Bob Bandfield', went into voluntary bankruptcy in his home state of Oregon on October 30, 1992 with assets of $282,681 and liabilities of $8,610,000.

Insider Talking: August 31, 2000

August 31, 2000
Granger Brewster Whitelaw, the founding CEO of one of Bermuda's first e-commerce companies, EOCnet.com, pleads guilty to a criminal misdemeanor in New York, arrest warrant issued for Canadian chartered accountant Steven Brown following fraud investigation in the Turks & Caicos Islands, Panama Attorney General Jose Antonio Sossa orders arrests of four journalists, liquidators of Bermuda-based Telecheck group complete liquidation, Imperial Consolidated (Bahamas) boss Bill Godley receives compensation of $65,000 per month.

Major countries strike hard against offshore centers

June 30, 2000
The high stakes poker game between onshore and offshore governments lost six players recently but another 35 have 12 months to decide whether the OECD is bluffing with the threat of sanctions.Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino have all signed an 'Advanced Letter of Commitment' agreeing to co-operate with international tax investigations.

Regulators freeze assets in $40 m ‘fraud’ case

May 31, 2000
As Bermuda struggles to cope with a recent influx of investment scam operators, one of the schemes heavily promoted on the island has had its assets frozen in the United States. The United States District Court for the Western District of Washington State issued a temporary restraining order on May 10 against several parties accused by the SEC of committing a $40 million fraud. Defendants in the lawsuit are John Wayne Zidar, John Wesley Matthews, Elizabeth Anne Phillips, Oakleaf International, Rosewood International and Meliorations Management Teem.

OECD backs off publishing an offshore ‘hit list’

April 30, 2000
The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

UK pressures offshore centers to report suspicious tax transactions

March 31, 2000
Anyone who still has doubts that UK Overseas Territories such as the Cayman Islands, the British Virgin Islands and the Turks & Caicos Islands will be forced to co-operate with foreign tax investigations should read a paper published by the UK Treasury in February. Titled 'Exchange of Information and the Draft Directive on Taxation of Savings', it makes it clear that UK Overseas Territories are being pressured not only to co-operate with requests for information on tax matters but to take the initiative and report suspicious tax-related transactions.

Bermuda tops Year 2000 Telecommunications Review

February 29, 2000
Telecommunications Review in Bermuda-Caribbean region: Bermuda continues to offer by far the cheapest overseas telecommunications rates compared with its rival offshore jurisdictions in the Caribbean, we can disclose. While rates have generally fallen in many islands since our last survey in April, 1997, the gap between Bermuda and the pack remains huge, largely due to the introduction of competition for international calls. 

Bahamian jailed for 20 years for $50 million fraud

January 31, 2000
Bahamian businessman George Wilson was this month sentenced to 20 years in prison by a Texas judge after previously being convicted of 18 offences relating to a $50 million dollar fraud.

Sterling International Bank & Trust and its dubious mutual funds

January 31, 2000
A Grenada-based banking group that appears to be controlled by an attorney located in the Turks & Caicos Islands is promoting dubious investment products, OffshoreAlert can reveal. Sterling International Bank & Trust and its apparent owner, attorney Philip Johnston, have already been involved in one fiasco last year involving the Bermuda-registered Heritage Growth Fund.

Insider Talking: December 31, 1999

December 31, 1999
The names of the new shareholders in the Bahamas International Securities Exchange are expected to be announced in January. A list of all 45 companies that submitted subscription applications for the recent $5 million private placement has been submitted for

TCI regulator issues warning against three companies

December 31, 1999
The Turks & Caicos Islands Financial Services Commission has published a warning notice that Mercantile Capital Group, Datacorp Capital Securities and Pentagon Securities are falsely claiming to be securities brokers/investment advisers with offices on the island of Providenciales.

Mezzanine Capital writes off $10 m of worthless German bonds

November 30, 1999
Bermuda-registered Mezzanine Capital Ltd., which appears to be involved in the manipulation of penny stocks in the US, has reported a loss of $10.57 million for the 12 months ended June 30, 1999 after writing off $10.1 million of German bonds. The company, whose shares are listed on the Bermuda Stock Exchange, had disclosed in 1998 that the bonds, which it acquired for one million of its common shares, might be worthless but did not decide to write off the investment until the current fiscal year.

TCI company accused of bilking Japanese firms of $1 billion

September 30, 1999
The SEC and the Commodity Futures Trading Commission this month filed separate complaints alleging securities fraud against a businessman whose Turks & Caicos Islands-registered entity racked up investment losses estimated at $1 billion.Both complaints were filed on September 13 at the U. S. District Court for the Southern District of New York against New Jersey-based Martin A. Armstrong, aged 50; Turks & Caicos Islands-registered Princeton Economics International Ltd. and Princeton Global Management Ltd.

TCI Police asked to investigate alleged stock fraud against Asian investors

July 31, 1999
Police in the Turks & Caicos Islands are to be asked to investigate a company that was allegedly used to defraud mainly Asian investors, according to a recent report in the South China Morning Post in Hong Kong."Peddlers of worthless shares in the Grand Financial Fund, Equity Mutual Trust and Mercantile Securities now appear to be working from the Turks and Caicos Islands," stated the newspaper in an article published on July 12, 1999.

Insider Talking: July 31, 1999

July 31, 1999
Global Village Market and the World Investors' Stock Exchange, Global Prosperity Group charges attendees $17,000 each for its get-rich-quick conferences, John Mathewson and the FBI, Cayman bank officer lived in home owned by client, says source; Harris Organization tries to subscribe to Offshore Alert, journalists seek information on Michael Ashcroft, Harris Organization officer Alan McAloon professes ignorance over Florida property ownership.

SEC files administrative action against Gary Pierce and CSI Ag

June 30, 1999
The United States Securities and Exchange Commission has commenced cease-and-desist proceedings against Turks & Caicos Islands-registered CSI Ag and its principal, Gary J. Pierce, of Studio City, California. From July, 1997 to February, 1999, Pierce and CSI solicited investments in a $500 million unregistered bond offering for the Government of Free Vietnam, which is a political association in Garden Grove, California, via its Internet web-site and its newspaper, according to the SEC in its administrative complaint.  

Richard Hape arrested on suspicion of money laundering

March 31, 1999
Canadian businessman Richard Hape, 51, who is a Senior Executive of Turks & Caicos Islands-based British West Indies Trust Limited, was arrested in Canada on February 16 and charged with conspiracy to launder the proceeds of drug trafficking.Simultaneous with Hape's arrest in Ontario, the Royal Turks & Caicos Islands Police executed a search warrant at the offices of British West Indies Trust Limited and a restraining order was served on the Trust's employees and banks.

Insider Talking: December 31, 1998

December 31, 1998
An interesting column was published in the Turks & Caicos Islands Free Press on November 26 in which Opposition MP Norman Saunders argued that the government must statutorily hold a General Election by February 17, 1999 when it would have ruled for precisely four years; Still in the Turks & Caicos Islands, where the strangest things often happen. New Chief Justice Richard Ground halted the trial of a man charged with two counts of possession of cannabis and possession with intent to supply after two jurors were seen getting into the same taxi as the defendant and the defendant's main witness following the end of the first day of the trial; Nowhere does a country's politicians have a more one-sided or forgiving relationship with God than in the Cayman Islands; The Cayman government has spent considerable amounts of tax-payers' money to take out a court injunction against the local Caymanian Compass newspaper to prevent those same taxpayers from seeing all or part of the monopoly agreement the government has with the much-reviled telecommunications carrier Cable & Wireless; As regular readers of this newsletter should be aware, we recently caught Lines Overseas Management salesman Scott Oliver lying to potential clients about his credentials by claiming he was on the board of advisors of the International Exchange Bank of Bermuda, which does not exist; and Grant Gibbons, who was Bermuda's Finance Minister until the UBP lost the General Election on November 9, has been appointed a founding director of a newly-formed holding company that intends to raise $1 billion for a life and annuity reinsurer.

Plans abandoned for massive Turks & Caicos Islands development

December 31, 1998
A proposed $312 million development of Grand Turk has been abandoned, according to a report in the Turks & Caicos Islands Free Press on November 26. The project was to have been the largest ever in the Turks & Caicos Islands and had been previously announced amid great fanfare by the local government.

Insider Talking: September 30, 1998

September 30, 1998
Receivers of the Florida Employers Safety Association Self-Insurers Fund sue David Sanz, share price of Stirling Cooke falls to new low on NASDAQ, Elite International Services offers dubious offshore products, Marc Harris on the move, prison inmate Ronald Williams apparently continues to rip people off during his day-release program, Bahamas Prime Minister Hubert Ingraham puts both feet in his mouth during press conference for murder of foreign national.

Insider Talking: June 30, 1998

June 30, 1998
Offshore regulators apparently uninterested in scams exposed by OffshoreAlert; NimsTec's 3-D cameras offered for sale as "collector's items" over the Internet; Marc Harris has t-shirt with the slogan: "David Marchant is alive because killing him would be a crime"; As General Election looms, Progressive Labour Party tipped to win power in Bermuda for the first time; Dominion of Melchizedek offers a variety of fraudulent products and services; and Little Switzerland contemplates legal action after proposed purchase of Colombian Emeralds International falls through.

Offshore Territories must enforce ‘all-crimes’ laws, not just pass them into law

June 28, 1998
Offshore financial centres that are also UK Overseas Territories have been told that it is not enough for them simply to introduce legislation outlawing ‘all-crimes' but that they must also enforce the new laws.That was one of the messages delivered to the House of Commons Select Committee on Public Accounts by Sir John Kerr, Permanent Under-Secretary of State for the UK government.