Antigua & Barbuda

The fiasco surrounding the collapse of American International Bank and the dubious track record of William Cooper

December 31, 1998

Further information has come our way this month that sheds more light on the collapse of American International Bank and the fiasco that ensued after the same people who caused its problems attempted to transfer the business into another entity they controlled. It seems that American businessman William W. Cooper and his wife, who co-owned AIB, closed down the bank at the end of December, 1997 and transferred its business on January 2 to a new Antigua-registered entity called Overseas Development Bank Ltd.

Melvin Ford’s plan to buy American International Bank falls through

December 31, 1998

A proposal to buy American International Bank Ltd. that was put forward by a businessman with a history of operating shady schemes has fallen through, we have been told. AIB's receiver, Edward St. Clair Smith, is now believed to be trying to sell the insolvent bank to other interested parties for $3.5 million, according to a source.

In the Matter of Stanford Trust Company Limited: Memorandum of Agreement

December 14, 1998

In the Matter of Stanford Trust Company Limited, d.b.a. Stanford Fiduciary Investor Services - Memorandum of Agreement - State of Florida Department of Banking and Finance - December 14, 1998

Battle for control of American International Bank assets

November 30, 1998

A battle is taking place for control of the assets of American International Bank Ltd. of Antigua, which went into receivership earlier this year. The bank's demise happened after its principal, William Cooper, tried to set up a new bank called Overseas Development Bank Ltd. to buy AIB, said sources.

Swiss American Bank wins lawsuit brought by US government

November 30, 1998

The US government has lost its bid to recover $7 million from banks in Antigua, Panama and Switzerland that were the proceeds of marijuana smuggling carried out in Massachusetts. Judge William Young, of the Federal District Court for the District of Massachusetts in Boston, dismissed a lawsuit brought against Swiss American Bank and Swiss American National Bank (both of Antigua), Swiss American Holding Company S.A. of Panama and Inter-Maritime Bank of Geneva.

‘Caribbean Bank of Crooks’

November 30, 1998

Offshore Alert can this month reveal further details about an Internet bank in Antigua that is perpetrating a fraud so crude that it illustrates why the island has developed such a poor reputation in the offshore world. The fraud is all the more disturbing because the bank's legal representative in Antigua is Steadroy Benjamin, who is a Senator for the ruling Antigua Labour Party and is the Deputy Speaker of the Antiguan House of Representatives.

Insider Talking: October 31, 1998

October 31, 1998

A funny thing happened a few days after our expose of The Highlander Club in last month's Offshore Alert. I received from them a spam letter - sent a week before we published - stating "Congratulations You have been approved

Antigua amends offshore laws in bid to curb white-collar crime

October 31, 1998

Following a 17-month review, the government of Antigua and Barbuda this month announced a series of legislative initiatives aimed at cleaning up the jurisdiction's reputation for being one of the most poorly regulated offshore financial centres. Proposed amendments to the International Business Corporation Act and the Money Laundering (Prevention) Act will create the Offshore Financial Sector Authority, which will have broad oversight and enforcement powers over offshore financial institutions.

Antigua’s regulators fight to close down Caribbean Bank of Commerce Ltd.

October 31, 1998

The Caribbean Bank of Commerce Limited, which operates as an Internet bank and appears to have Russian connections, has won the latest battle in an attempt by Antiguan regulators to take away its banking licence and strike it off the Companies Register. But the authorities are continuing their fight to close down the bank, one of whose officers with a heavy Russian accent called the offices of Offshore Alert this month and told us that "you don't know who you're dealing with" after we had started making inquiries about their operations.

Former US regulators lend support to white-collar criminals in Antigua

October 31, 1998

A report that we have been told was paid for by powerful banker Allen Stanford and presented to the Antiguan government in January of this year as part of the review of Antigua's offshore financial services sector contained a recommendation that would have severely hindered efforts to combat rampant white-collar crime.

State of Florida v. John McGarrity et al: Criminal Indictment

October 5, 1998

Criminal Indictment alleging racketeering and securities fraud 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 Florida Supreme Court.

US freezes $3.2 m at Stanford International Bank

July 31, 1998

U. S. authorities have frozen nearly $3.2 million in accounts at Antigua-based Stanford International Bank, as part of an investigation into the illicit fortune of the late Mexican drug lord Amado Carrillo Fuentes, reported The Wall Street Journal.

US government battles for jurisdiction over Swiss American Bank

June 30, 1998

A battle for legal jurisdiction between the US government and four offshore financial institutions in a $7 million forfeiture case contains a number of important issues that will affect all companies and individuals who operate offshore but have US clients.Among arguments being put forward by the US government for jurisdiction over banking entities located in Antigua, Switzerland and Panama is the fact that the offshore companies sell their services over the Internet, which can be accessed in the US; that Swiss American Bank has advertised in the in-flight magazine of American Airlines; and that SAB has correspondent banking relationships with banks in the States.

US government brings test case against offshore gaming operators

April 30, 1998

In what is being seen as a test case, the U. S. Government has charged 14 owners and managers of six sports betting companies headquartered in the Caribbean and Central America with conspiracy to transmit bets and wagers on sporting events via the Internet and telephones. The cases are the first federal prosecutions of sports betting over the Internet and they will be watched closely by offshore centers that have embraced gambling as a way of earning much-needed foreign currency.

Swiss American seeks dismissal of US lawsuit

March 31, 1998

Swiss American Bank Limited and Swiss American National Bank of Antigua filed on March 16 a motion to dismiss a complaint filed against them in Massachusetts by the US government alleging theft of $7 million of drugs money.

Bruce Rappaport appointed Antigua’s Ambassador to Russia

February 27, 1998

Readers who followed last month's story about the US government's lawsuit accusing four banks and the Antiguan government of illegally divvying up $7 million in drug profits might be interested to know that Antigua recently appointed the banks' owner, Bruce Rappaport, as its Ambassador to Russia.The appointment of Rappaport to this official position on December 3, 1997, adds an interesting twist to the recent lawsuit brought by the US government against the Antigua-based Swiss American Bank group and Inter-Maritime Bank, of Geneva.

US government sues Swiss American Bank-Inter-Maritime Bank group

January 30, 1998

The US government has filed a landmark civil lawsuit against banks in Antigua, Panama and Switzerland in an attempt to recover $7 million that it claims are the proceeds of criminal activity.The lawsuit is considered to be of significance to other offshore tax havens because it will test the ability of the US government to enforce home-based judgements in foreign territories against offshore companies who collaborate with money launderers.The US government is suing Swiss American Bank Ltd. and Swiss American National Bank Ltd., which are both registered in Antigua; Swiss American Holding Company S. A. of Panama and Inter-Maritime Bank of Geneva.

Caribbean hotels insurer goes into run-off

December 30, 1997

The Caribbean Hotel Association Insurance Company Ltd., which hit financial trouble soon after it started, has stopped writing new business after just two and a half years in business. The news comes after many member countries of the Caribbean Hotel Association, for whom the company was specifically set up to insure, failed to put their money where their mouths were and buy insurance from CHAIC.

The crooked empire of Charles Gordon-Seymour

October 31, 1997

Regulators might want to take a close look at Bermuda-based insurance management firm Sussex International Ltd. following the collapse by fraud over the last six months of an Antigua-registered insurer and another company based in Nevada.All three were run by Charles Gordon-Seymour, a discredited British businessman and former Bermuda resident whose ventures frequently collapse in suspicious circumstances with debts of millions of dollars.

Caribbean islands target offshore gaming industry

August 28, 1997

Already home to many of the world's phone sex companies, the Dominican Republic has now firmly established itself as the domicile of choice for another controversial area of offshore business and one of the fastest-growing - gambling via ‘800' telephone numbers and over the internet.With annual licences running from $20,000 to $100,000, several Caribbean islands are looking to the sector as a lucrative revenue-earner.

Mexico acts to curb offshore money transfers

March 24, 1997

The Mexican government has amended the country's tax laws to try to curb the massive outflow of capital being lost to the world's tax havens.

R. Allen Stanford et al v. Klaus de Albuquerque et al: Libel Complaint

April 4, 1996

Libel Complaint in R. Allen Stanford and Bank of Antigua, Ltd. v. Klaus de Albuquerque and Caribbean Communications Inc. at the U. S. District Court for the Southern District of Florida.