Antigua & Barbuda

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Offshore bank and investment firm go into liquidation

July 5, 2005
An investment firm in the British Virgin Islands and a related offshore bank in Antigua have gone into liquidation with combined liabilities estimated at hundreds of millions of dollars.Alsace Lorraine Investment Services went into liquidation at the BVI High Court on January 28, 2005, with Glenn Harrigan and Simon Whicker, of KPMG in the BVI and Cayman, respectively, appointed joint liquidators. Eleven days later on February 8, 2005, Bank of Europe Limited was placed into liquidation by the High Court in Antigua & Barbuda, with Peter Queeley and Hugh Henry appointed joint liquidators. The Bank had previously gone into receivership on December 4, 2004. 

UK seeks evidence in Texas for investigation into investment fraud

June 5, 2005
Article based on an application to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from the United Kingdom - that was filed at federal court in the USA on April 28, 2005. Individuals and businesses mentioned in the request for assistance include Kevin Dooley, Trevor Prider, Dooley & Co., CFC Finance Ltd., JPMorgan Chase, Chase Manhattan Bank, Citco Banking Corporation, Golconda Partners Ltd., Woodborough Corporation Ltd., Ken Wiseman II, Wiseman Hedge Fund, Barclays Bank, Fiserv Correspondent Services Inc., JD Horwood, Imhoff Clearing Corporation, Imhoff Clearing Corporation, National Westminster Bank, First National Bank, Crystal Cathedral, Somerset Auctions Inc., Steven Thomas Antiques, Nelson Storage, Irvine Regional Hospital and Medical Center, The Inside Story, Abe Corporation, RAD Industries Inc., Majestic Marble & Granite, and US Remodelers Inc.

United Kingdom: Kevin Dooley et al (Texas)

April 28, 2005
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "Kevin Dooley (now deceased), Trevor Prider and others for their involvement in and management of a massive investment fraud scheme resulting in the loss of millions of dollars to original investors".

Antigua & Barbuda: Lester Bird et al

January 14, 2005
Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Antigua & Barbuda - for a criminal investigation into Lester Bryant Bird, Asot A. Michael, John E. St. Luce, Robin Yearwood, and Bruce Rappaport for suspected corruption and fraud.

Newt Utopia: November 30, 2004

November 30, 2004
Dose of reality for U. S. in loss to Antigua & Barbuda at World Trade Organization In a 273 page report - plus appendices, the World Trade Organization ruled in favor of Antigua & Barbuda in a trade dispute with

Former Antigua minister investigated for alleged money laundering

November 30, 2004
Antigua's former Finance Minister has taken legal action in an attempt to thwart a criminal investigation into whether he was involved in money laundering.Asot Michael and Bellwood Services SA filed a civil complaint against The Bank of Bermuda and Bermuda's Commissioner of Police at Bermuda Supreme Court on November 1, 2004.

Horizon Bank International has $11.9 m of assets frozen in Bermuda

September 30, 2004
A Caribbean offshore bank closely associated with the Bermuda-based Grosvenor Group has been accused of perpetrating a $20 million fraud against two of its clients. The allegation against Horizon Bank International Limited, which is licensed in St. Vincent & the Grenadines, was made in a civil complaint filed at Ontario Superior Court of Justice, in Canada.

IRS receives permission to serve subpoena on First Data Corp.

August 12, 2004
The world's largest processor of credit card payments has been ordered by a United States court to assist the IRS in its investigation into tax evasion using offshore accounts.First Data Corp. must turn over information about transactions by holders of American Express, Visa and MasterCard credit cards that were issued by or on behalf of certain offshore financial institutions.

USA v. Funds on Deposit at Bank Julius Baer & Co. et al: Complaint

May 14, 2004
Complaint in USA v. All Funds on Deposit at Bank Julius Baer & Company, Ltd., Credit Suisse (Guernsey) Limited, and Eurofed Bank Limited in the names of Pavlo Lazarenko, Pavel Lazarenko, Samante Limited, and Alexander Milchenko at the U. S. District Court for the District of Columbia.

Newt Utopia: March 31, 2004

March 31, 2004
Around the Caribbean Antigua is completely and totally Birdless 90% plus of those eligible to vote queued up in the rain to cast their ballot. People stood in lines for hours to make their mark and boy did they. It

IRS tax investigation focuses on Antigua, Bahamas and Cayman

February 29, 2004
The investigation by the IRS into alleged offshore tax evasion by United States taxpayers using offshore credit cards appears to be currently focusing on Antigua & Barbuda, the Bahamas, and the Cayman Islands. Although the IRS has previously announced it is targeting more than 30 offshore centers, these three are the only countries to feature in a slew of "John Doe" summonses issued recently by U. S. federal courts.

Newt Utopia: The Duh!!! Diligence Squads …

January 31, 2004
The Duh!!! Diligence Squads; Bank of Belize; Global Bank of Commerce; US Brokers - Confiscate Offshore Assets and Close Accounts; E*TRADE; AG Edwards; and Retribution… please!

IRS accesses records of Florida card processor

December 21, 2003
A Florida-based firm which processes card transaction payments has been ordered to turn over its records to the IRS as part of an investigation into offshore tax evasion using MasterCard, VISA and American Express. An order issued on September 11, 2003 at the U. S. District Court for the Southern District of Florida allows the IRS to serve a "John Doe" summons on Credomatic of Florida Inc., of Brickell Avenue, Miami.

United Kingdom: Kevin Dooley et al (Wisconsin)

December 16, 2003
Application for the appointment of a Commissioner to collect evidence from Fiserv Correspondent Services Inc. - pursuant to a request for judicial assistance from the United Kingdom - for a criminal investigation into "an alleged fraud scheme executed by a British solicitor, Kevin Dooley, and his firm".

Insider Talking: September 30, 2003

September 30, 2003
Legal proceedings at the U. S. District Court for the Southern District of Florida involving a $170 million claim by Cayman Islands licensed Bank Espirito Santo International Ltd. against United States based receivables factoring firm E. S. Bankest LC et

Pavlo Lazarenko released from prison pending trial

June 22, 2003
Former Ukraine Prime Minister Pavlo Ivanovich Lazarenko, who allegedly secretly controlled an offshore bank called Eurofed, has been released from prison in California. After more than two years in custody pending trial on 53 counts of money laundering, fraud and transportation of stolen property, Lazarenko was allowed out on "conditional release" in an order dated June 11, 2003 at the United States District Court for the Northern District of California. 

Insider Talking: May 31, 2003

May 31, 2003
In a libel action at Grenada High Court, Grenada attorney Anselm B. Clouden has been awarded $2,500 in damages and $450 in costs against the First International Bank of Grenada and its one time CEO, Van A. Brink. The award

Antigua-based banker loses application to unfreeze assets

May 31, 2003
Offshore banker William W. Cooper, who has so far avoided extradition to his native United States to face money laundering charges, has failed in a bid to have his assets unfrozen. Cooper's assets have been frozen since October 17, 2000

Antigua-based offshore banker fails to have assets unfrozen

May 15, 2003
Offshore banker William W. Cooper, who has so far avoided extradition to his native United States to face fraud and money laundering charges, has failed in a bid to have his assets unfrozen.Cooper's assets have been frozen since October 17,

Forfeiture complaint filed against Euro Bank account

April 30, 2003
The United States government has filed a forfeiture complaint against an offshore bank account that it claims contains some of the proceeds of an advance fee fraud that cheated more than 400 people out of at least $60 million.The action was filed on February 23, 2003 at the U. S. District Court for the Northern District of Florida against a bank account in the name of Nevis-registered Rosie Capital LLC at Euro Bank Corp. (in liquidation), of the Cayman Islands.

Clifford Pitt investigators target offshore bank accounts

April 30, 2003
The FBI has obtained a civil seizure warrant for accounts held at the Global Bank of Commerce in Antigua that were used in an alleged $20 million scam.The warrant was issued on March 13, 2003 by the U. S. District Court for the District of Colorado and is part of a criminal investigation that involves St. Vincent-based businessman Clifford Pitt.

Ukraine: Pavel Lazarenko et al (2003)

April 23, 2003
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Ukraine into Pavlo Ivanovych Lazarenko, Mykola Ivanovych Agafonov, Petro Mykolayovych Kyrychenko and Igor Oleksandrovych Polozhentsev for alleged embezzlement.

Newt Utopia: Domicile Round-Up

February 28, 2003
Cayman Islands; Dominica; Antigua and Barbuda; St. Kitts & Nevis; and United States currency is being redesigned - again!!!

Insider Talking: January 31, 2003

January 31, 2003
In all of the hullabaloo surrounding the collapse of the Euro Bank trial in Cayman after the judge determined that the island's senior anti-money laundering officer, Brian Gibbs, had lied and destroyed evidence, it was easy to overlook a snippet in Gibbs' November 26, 2002 witness statement about Johnny Johnson; An order for the extradition of offshore banker William Cooper from Antigua to face a money laundering indictment in the United States was thrown out by a judge in Antigua on January 13, 2003 because the application was made before an extradition treaty between the two countries was ratified and before money laundering was criminalized on the Caribbean island; Edouardos Stamatiou, whose Argentina-based firm Tucuman Land Holdings Ltd. received £151 million ($237 million) of the $345 million defrauded from clients of the Imperial Consolidated Group and won't give it back, is a former principal of The Cayman Financial Brokerage House, which … surprise, surprise … was forcibly closed down in October, 1999; Another post-Imperial Consolidated scam, known as Property International, is in financial trouble after not very long in business; And, to conclude our segment on Imperial Consolidated, we have been passed the name of yet another company which allegedly brokered client funds into the fraudulently-operated group - Lighthouse Strategies; Canadian national David Voth has been fined CDN$12,000 in Canada for failing to file tax returns; Bahamas-based Suisse Security Bank & Trust, which is in provisional liquidation, has asked a U. S. judge to order two parties who unsuccessfully sued the bank in New York to place $1.3 million into court to cover its legal fees and damages; Trading on the over-the-counter market of shares in a company that Bermuda-based Lines Overseas Management was helping to do a reverse take-over of has been temporarily suspended pending an investigation by the Securities and Exchange Commission in the United States; and Famed U. S. attorney Johnnie Cochrane may be helping to broker a settlement in the long-running battle for control of the assets of Eurofed Bank in Antigua.

Bruce Rappaport sells shares in offshore bank

October 31, 2002
The Bank of New York's one-time biggest single shareholder, Bruce Rappaport, no longer controls shares in Antigua-licensed Global Bank of Commerce Ltd., formerly known as Swiss American Bank Ltd.Antigua's International Financial Sector Regulatory Authority approved a change of ownership at a meeting on December 18, 2001.

Insider Talking: September 30, 2002

September 30, 2002
The Imperial Consolidated fraud has taken a further turn for the bizarre with the distribution in September of several press releases, masquerading as news stories, by a newly incorporated British company called Matrix International (Management) Ltd., whose commercial address is

Alleged money launderers sue Stanford International Bank

September 30, 2002
Antigua-licensed Stanford International Bank is being sued by two Mexican clients who had approximately $3 million forfeited to the United States authorities as part of a narcotics money laundering investigation. Two lawsuits have been filed in Miami by Juan Alberto Zepeda Mendez and Jorge Bastida Gallardo and their British Virgin Islands-registered IBCs, Radon Trading Ltd. and Kadir Overseas Ltd., respectively.

Insider Talking: August 31, 2002

August 31, 2002
European Federal Union Bank Ltd. falsely claims to be based in Antigua; Barbados Central Bank revokes license of Keywest Swiss Investment Bank Inc.; DIAK Bank's Clifford Pitt fails in an attempt to quash a subpoena duces tecum; John Wayne Zidar is gound guilty of fraud and money laundering; US federal court approves IRS motion to serve John Doe summons on MasterCard International for investigation into tax evasion using offshore credit cards; Offshore bankers Julien Giraud and Brian Boeger have each been sentenced to 37 months in prison in the United States; and an auction of property belonging to Imperial Consolidated is due to take place in England.

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.

Insider Talking: February 28, 2002

February 28, 2002
The scam committed by Morrison Cross Financial Investments, which fleeced investors while operating as a stock broker in Panama without a license, has entered a new phase; Justice Ephraim Georges, sitting in the Antigua High Court, has apparently recused himself from legal hearings relating to the liquidation of Eurofed Bank after an objection by attorneys acting for former Ukrainian Prime Minister Pavlo Lazarenko, who considered that the judge's partiality was compromised by his son being employed by PricewaterhouseCoopers, which is liquidating the bank; On February 12, 2002, a Dallas County Grand Jury in Texas returned 24 indictments against Cameron O. Bailey relating to the sale of unregistered securities, namely Certificates of Deposit issued by Cambridge International Bank & Trust, of Grenada, and promissory notes issued by Omne Srl; As Julien Giraud waits in custody in Florida for the start of his trial on money laundering charges, his wife Lyn has been writing letters of outrage to the local press in their native Dominica, protesting at the arrest of her husband in Puerto Rico last November while he was traveling with Dominica's Finance Minister, Ambrose George; OffshoreAlert has previously reported on stock scams and other frauds perpetrated by firms linked with Bermuda Stock Exchange-listed Mezzanine Capital; and Complaints are starting to be made publicly by people who have either bought shares from, or have been approached about buying shares by, Goodman Hart Associates, Morgan Paris & Company and/or St. James & Company, who have been promoting two stocks particularly heavily: AdRentaCar Inc. and Spantel Communications Inc.

Grenada-Montenegro banker plays down links to Melchizedek

December 31, 2001
A principal of two offshore banks has told OffshoreAlert that he no longer has anything to do with the Dominion of Melchizedek, despite his name appearing on literature associated with the fake nation.Peter Drakoulakos, who heads Euro Credit Bank A.D., of Montenegro, and Euro Caribbean Bank Ltd., of Grenada, was once listed as the South American "Ambassador" for Melchizedek on its web-site.

Antigua Government refutes claims about Eurofed Bank liquidation

August 31, 2001
Last month's lead article about the fight for the assets of Eurofed Bank prompted a representative of the Antigua government to send a letter of complaint to OffshoreAlert.Wrenford Ferrance, Antigua's Director of the Office of National Drug Control and Money Laundering Policy, has denied that the liquidation of Eurofed is being carried out in secret, as we have been told.

United Kingdom: Michael Tyrell

August 20, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Michael Tyrell.

Prison sentences for Hammersmith Trust pair

July 31, 2001
Lengthy prison terms have been handed down to the first two defendants to be sentenced in a $64 million fraud some funds were laundered through the Bank of Bermuda in the name of an Antiguan 'paper' bank.William H. West, of Niceville, Florida was the first to be sentenced, receiving 136 months in prison and ordered to pay restitution of $25 million at a hearing on July 19, 2001.

Antigua Gov’t tries to seize Eurofed Bank assets

July 31, 2001
In secret court hearings held in Antigua, the island's government has been trying to seize all or most of the $76 million of assets recovered so far in the liquidation of Eurofed Bank Ltd., we can reveal.The government is claiming the assets under its anti-money laundering laws on the grounds that they are the proceeds of criminal activity by former Ukraine Prime Minister Pavlo Lazarenko, 48.

Caribbean Bank of Commerce boss sent to prison

July 31, 2001
Eugene Chusid, who has recently been implicated in an investment scam known as Le Club Privé, has been imprisoned for 37 months for another fraud involving the Caribbean Bank of Commerce, of Antigua.Chusid was also fined $250,000 and ordered to pay restitution of $360,000 when he was sentenced at the US District Court for the Southern District of New York on July 17, 2001.

John McGarrity given bail and an ankle bracelet

June 30, 2001
Former Bermuda and Bahamas insurance businessman John Keith McGarrity is currently out on bail and wearing an ankle bracelet around Tampa, Florida after being arrested in Texas on May 31.McGarrity was detained after entering the US on a fake passport in Houston, according to a regulatory source.

Insider Talking: June 30, 2001

June 30, 2001
The First International Bank of Grenada loaned $30,000 to the wife of Grenada's then chief regulator, Michael Creft, so that she could buy a car and another $50,000 to the then President of the Grenada Bar Association, Reynold Benjamin, according to a document sent to OffshoreAlert; Dean Cantrell and Marcel Deinnet snap up domains in names of countries in the Bermuda-Caribbean region, fraud complaint filed against 'offshore banker' Douglas Castle, 72-year-old convicted fraudster is back in business, SEC continues trend of failing to menaingfully punish accused fraudsters, First Ecom.com Inc. acquires half of First Ecommerce Data Services Ltd. that it did not already own, Antigua gaming outfit World Sports Exchange Ltd. sues County Savings Association over three checks that allegedly bounced, First American International Bank becomes latest offshore bank to be operated in Nevis without a license by Global Dominion Financial Services, and Latvia-based Paritate Bank appears to be in financial trouble.

John McGarrity arrested in Texas

June 4, 2001
John Keith McGarrity, who is a former insurance officer in both Bermuda and the Bahamas, was arrested on May 31 in Houston, Texas after entering the United States on a fake passport, according to a US regulatory source.   A bond hearing was held on Friday, June 1 and we do not yet know whether he was released or remanded in custody.

Application to liquidate American International Bank

May 31, 2001
Regulators have applied to the High Court of Antigua to remove Edward St. Clair Smith as Receiver of American International Bank and change the bank's status from receivership to liquidation. St. Clair-Smith is opposing the action on the grounds that the bank can still be sold as a going concern and that there is a reputable Caribbean company interested in buying it, said a source.

Attorney Jeffrey Matz and others found guilty of $64 million investment fraud

April 30, 2001
Six people have been convicted of criminal offenses relating to a $64 million investment scam that involved several offshore jurisdictions, including Antigua, Bermuda and the Bahamas. The convictions on April 13, 2001 followed a six-week jury trial at the U. S. District Court for the Northern District of Florida that focused on investment programs known as Hammersmith Trust, Microfund and Luxor Capital Markets.