Antigua & Barbuda

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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.

Raids on Jerome Schneider and Global Prosperity, charges against Anderson’s Ark

March 31, 2001
Jerome Schneider, who has made a living by selling offshore bank charters in lightly-regulated jurisdictions to private individuals and by writing offshore books, had his office raided by the IRS on February 26. The raid on the office of Schneider's Wilshire Publishing Company in California was one of three high profile actions taken against offshore promoters within five days of each other in the United States.

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.

Victims sue Melvin Ford and The Forum

February 28, 2001
A civil lawsuit has been filed in the United States by victims of a failed Antigua-based investment scheme known as 'The Forum'.The lawsuit was filed at the US District Court for the Southern District of Texas on January 24, 2001 by 64 individual plaintiffs.

Insider Talking: February 28, 2001

February 28, 2001
Offshore regulators act against banks named in U. S. Senate's 'Correspondent Banking: A Gateway to Money Laundering' report, Marc Harris denounces attempt to strip him of Panamanian citizenship, David Voth comes up with a novel excuse as to why he can't make investment pay-outs, complaints about Morrison Cross Financial Investments start coming in, details of relatively-recent lawsuits involving Jerome Schneider and/or related entities, U. S. court approves settlement plan between Heartland Financial Services and investors who received "false profits", Pittsburgh travel agent Roy Davis Jr. becomes latest victim of John Mathewson's co-operation with US authorities, sset freeze order issued against Midpoint Trading Corporation, Euro Bank Corp. 'Preliminary Inquiry' hearing starts in Cayman Islands.

Lawsuit filed by victims of Antigua-based Accord group

January 31, 2001
A civil lawsuit has been filed in the United States against Antigua-based Accord Trading Ltd., which was run by Britons Leslie Wingham and Graham Carr.Plaintiff Milton Shoong Corporation claims that it lost $1.2 million with Accord after being promised monthly returns of 100 per cent per month for ten months, according to its complaint.

Leslie Wingham asks victims for more money, tells them to stop calling his attorney

December 31, 2000
British businessman Leslie Wingham has asked victims of an alleged multi-million fraud that he operated in Antigua for additional money to fund a so-called recovery effort. In a letter to "Investors and Agents of Accord Trading/Accord Insurance and EMRW" dated November 27, 2000, Wingham asked for at least $1,000 each from his victims.

IRS gains access to offshore credit card accounts

October 31, 2000
A US judge has ordered that American Express and MasterCard must hand over records to the IRS relating to Americans utilizing offshore credit, charge and debit cards through three offshore centers. The ex parte order, issued on October 30, 2000 at the US District Court for the Southern District of Florida, specifically relates to accounts linked with Antigua, the Bahamas and the Cayman Islands.

David Gilliland pleads guilty to investment fraud, turns on his co-defendants

October 31, 2000
A guilty plea has been entered by one of the defendants in an alleged $95 million investment fraud in which funds were allegedly laundered through the Bank of Bermuda in the name of an Antiguan 'paper' bank. Benjamin David Gilliland, of Memphis, Tennessee, pleaded guilty on August 22, 2000 to one count each of conspiracy to commit wire and securities fraud and conspiracy to commit money laundering.

Equity Management clients seek other victims

October 31, 2000
Clients of Bahamas-based Equity Management Group, Antigua-based Fullerton Financial Corp. and BVI-based Capital Advisory Corporation are being invited to join legal action that is being prepared against the now defunct companies and their principals.

Internet poll shows that Grenada is considered worst ‘real’ offshore center

September 30, 2000
Grenada has finished a close second to the fake jurisdiction of Melchizedek in an Internet poll to determine the worst offshore jurisdiction. In answer to the question 'Which of these offshore centers would you least trust with your money?', Melchizedek came top with 30 per cent of votes cast, while Grenada followed with 21 per cent.

Ex-Bermuda residents linked with international ‘cash back’ fraud

August 31, 2000
Two British insurance consultants with close ties to Bermuda are being investigated for an alleged multi-million dollar fraud that could have as many as 40,000 victims in the UK and Europe. Former Bermuda residents Simon John Samuels, 44, and Charles Gordon-Seymour ran the failed Intervest Capital group, which was headquartered in Las Vegas and had a marketing arm in the UK.

Le Club Privé bites the dust

August 31, 2000
A Russian businessman who ran the crooked Caribbean Bank of Commerce in Antigua has been accused of running a massive investment scam over the Internet. New Jersey-based Eugene G. Chusid, who already has two pending criminal actions against him relating to CBC, may yet face a third after the SEC closed down a fraud known as Le Club Privé.

State of Florida v. John McGarrity et al: Amended Information (2000)

August 3, 2000
Amended Information in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at the Circuit Court of the Eighteenth Judicial Circuit, in and for Seminole County, Florida.

US criminally indicts 11 in alleged $95 million investment fraud

July 31, 2000
The US government has criminally indicted 11 people, including four attorneys, for an alleged $95 million investment fraud in which money was partially laundered by an Antigua-based 'paper' bank called 'AMPAC Bank and Trust' that maintained accounts with the Bank of Bermuda in Bermuda.

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.

Seto and Rusnak banned from securities industry for role in offshore exchange

April 30, 2000
Two Canadians have been banned from the securities industry by the Alberta Securities Commission for their role in operating an offshore Internet stock exchange. In an Order dated March 31, 2000, Orest Rusnak and Kim Seto were prohibited from acting as a director or officer of any issuer for 20 years and five years, respectively.

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".

Insider Talking: April 30, 2000

April 30, 2000
The low-down on Imperial Consolidated's City UK Ltd., Antigua-based Accord Insurance goes to ground; and Mezzanine Capital's Eric Chess Bronk, complaints to SEC about clampdown on broker activities.

Alberta Securities Commission claims jurisdiction over Internet exchange

March 31, 2000
In a landmark decision, the Alberta Securities Commission has found that an Internet stock exchange that was once registered in the Cayman Islands before moving to Antigua was in breach of local securities laws. The case against the World Stock Exchange, Thomas Kim Seto and Orest Rusnak was the first time that a Canadian securities commission had reviewed the activities of a stock exchange operating over the Internet.

Insider Talking: March 31, 2000

March 31, 2000
AS&K denies it is merging with Truman Bodden & Co. (Cayman), Neville Grant, resigns as head of the Cayman Islands Monetary Authority, Montserrat revokes offshore banking license of Equity Bank and Trust Company Limited, Grenada's Ambassador to the United States, Denis G. Antoine, makes a fool of himself while defending Grenada's offshore financial sector, illegally-operated offshore 'bank' continues in business despite regulatory action, sham 'Monaco Bank of Trade' tries to lure Internet users by offering absurdly-high rates of return, Russian businessman Vladimir Momitko dismantles web-site in which he sought to breach the copyright of financial publishers.

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. 

Insider Talking: February 29, 2000

February 29, 2000
Keith King and the Transglobal Investment Fund, Antigua PM Lester Bird seeks to have financial advisory lifted, Viktor Kozeny sued in the Bahamas, U. S. and Bermuda discuss new treaty, Quantum Trading offers suspiciously high returns, Mezzanine Capital in middle of pump and dump, and Michael Creft: From Manitoba Department of Highways employee to Grenada's chief offshore regulator

Suisse Security Bank & Trust accepts fraudulent client

January 31, 2000
Bahamas-based Suisse Security Bank & Trust has replaced Eurofed Bank, of Antigua, as the banker for the fraudulently run Accord Insurance group, we have been told.SSBT's decision to provide banking services to Accord, which claims to offer its clients "guaranteed" interest of up to 50 per cent per month, raises serious concerns about its due diligence procedures.

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

Eurofed Bank goes from receivership to liquidation

December 31, 1999
Eurofed Bank, which went into receivership in November, has now gone into liquidation. The bank went into liquidation by order of the High Court of Justice of Antigua and Barbuda on December 3, 1999.

Insider Talking: November 30, 1999

November 30, 1999
Cayman Islands Immigration Board approves Ann Nealon's work permit for Walkers law firm by a vote of two to one; Banc Caribe potential target for Cash 4 Titles victims; Antigua assures USA that William Cooper will be extradited; Scott Oliver leaves Lines Overseas Management; and Hundreds of Caribbean immigrants living in the US and residents of Dominica lose $1.2 million in investment scam.

Eurofed Bank goes into receivership

November 30, 1999
Antigua-registered Eurofed Bank Ltd. has been placed into receivership by the island's regulators over its suspected involvement in money laundering. Eurofed, which also has a banking license in Grenada, went into receivership on or around November 15 after being implicated in a scandal involving Pavlo Lazarenko, a former Prime Minister of the Ukraine.

Regulators refuse license application by Accord Insurance

November 30, 1999
Regulators in Antigua have turned down an application for an insurance license by Accord Insurance, which sells dubious investment products to the public. Despite the rejection, Accord is continuing to operate from the island, where it maintains an office on the Third Floor of the Bancorp Building, High Street, St. John's.

Bank of Bermuda accounts used for on-line gaming

October 31, 1999
Links to the Internet gaming industry have embarrassed the Bank of Bermuda and contributed to the termination of its correspondent banking relationship with Swiss American Bank in Antigua. The bank, which is based in a jurisdiction that prohibits gambling, except for special events such as 'Cup Match', insists that it does not provide banking services to on-line gaming operators. However, more than a dozen gaming web-sites claiming to be licensed in Antigua and Venezuela have been informing gamblers for several months that they can open up accounts by wire transferring funds into Bank of Bermuda accounts at Citibank in New York and Midland Bank PLC in London.

Insider Talking: September 30, 1999

September 30, 1999
Dominica-registered Overseas Development Bank & Trust has yet to satisfy three judgments totalling US$1.24 million that were entered against it in favor of creditors on January 29, 1999, sham New Utopia jurisdiction claims it is launching "the New Utopia Investment Fund of the Cayman Islands", Ralph Sherman's involvement in the First International Bank of Grenada, comparisons between Van Brink's First International Bank of Grenada and Michael Randy's Canadian Trade Bank, alleged investment fraudster Brent Wagman surfaces in Panama, '60 Minutes' television show goes soft on Alexandre Konanykhine.

State of Florida v. John McGarrity et al: Amended Information (1999)

August 3, 1999
Amended Information in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at the Circuit Court of the Eighteenth Judicial Circuit, in and for Seminole County, Florida.

Caribbean Bank of Commerce scam continues under another name

July 31, 1999
After finally having its bank licence revoked by regulators in Antigua earlier this year, the Caribbean Bank of Commerce has simply changed its name and is continuing its criminal activity without interruption.The bank has not even bothered to change its Antiguan telephone and fax numbers or its two web addresses at www.caribbank.com and www.cbcltd.com.

US regulators put squeeze on offshore gaming operators

July 31, 1999
US regulators have continued to put the squeeze on Internet gaming operators with the passage of a US Senate Judiciary Committee bill to ban sports and casino gambling over the Internet in the United States.

Eurofed’s name taken off Canadian regulator’s warning list

June 30, 1999
Antigua-licensed Eurofed Bank has been taken off a Warning Circular issued on April 15, 1999 by the Canadian Office of the Superintendent of Financial Institutions. The list contains the names of 227 entities against which the OFSI has had "some form of inquiry or complaint" and which may be operating illegally in Canada.

Worldwide International Bank goes into receivership

June 30, 1999
Antigua-licensed Worldwide International Bank has officially been placed into receivership after the failure of a last-ditch bid to stop the process by the bank's owner, Antiguan Joan De Nully.

World Stock Exchange closed down by Cayman police

May 31, 1999
A Cayman-based Internet stock exchange was closed down last year by the local police and government because of concerns that it might be confused with the Cayman Islands Stock Exchange. Details about the action appeared in a complaint prepared by the Alberta Securities Commission against Canadians Kim Seto and Orest Rusnak.