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Daniel Danker sent to prison for investment fraud

July 31, 2001
One of the principals of a now defunct Grenada-registered bank has been sentenced to five years and 11 months in prison in the United States.Daniel G. Danker, 53, was also fined $50,000 and ordered to pay restitution of more than $20 million at the U. S. District Court for the Southern District of Indiana on July 15, 2001.

Third sham bank linked with The Harris Organization

July 31, 2001
The Harris Organization financial services group has set up yet another Internet bank that is being operated without a license.Operating from a web-site at www.ginvestmentgroup.com, G Investment Group claims that it is "a diversified financial services company providing clients a broad range of international structures involving financial, asset protection and investment opportunities".

Florida court grants judicial assistance to Liechtenstein for money laundering investigations

July 31, 2001
Article based on two applications to collect evidence for separate criminal investigations into suspected money laundering - pursuant to requests for judicial assistance from Liechtenstein - that were filed at federal courts in the USA on June 14, 2001 and June 15, 2001. Individuals and businesses mentioned in the requests for assistance include Jorge Hugo Reyes Torres, Herbert Batliner, Helmuth Otto Wilhelm Eduard Stanisch, Enrico Clerici, Dresdner Bank (Switzerland) AG, Peter Niermann, Verwaltungs-und Privat Bank AG, Pablo Escobar, Juan Carlos Saavedra Molina, Eugen von Hoffen, Eugen Heeb, Maria Sanclemente, Angela Maria Narvaez, Rosa Elvira Muñoz, Nestor Gomez Mejia, Intercompany Management AG, Barex Shipping, Conus Shipping, Nomentana, Calcul Business Consulting, Cashcom Investments, Con Moto Stiftung, Brenner Stiftung, Ancestry Foundation, FSK Foundation, Von Langenburg Stiftung, Agnat Stiftung, Valauris AG, Langdon Shipping Ltd., Standex Shipping Ltd., Zundorf Unternehmens AG, LGT Bank, Citibank, National Financial Services Corp., and Pershing Securities Ltd.

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.

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.

Bank of Bermuda settles Cash 4 Titles litigation

July 9, 2001
The Bank of Bermuda has settled two lawsuits filed on behalf of victims of the Cash 4 Titles Ponzi scheme, whose losses have been estimated at up to $300 million.The settlement requires the bank to pay up to 50 per cent of "actual losses" suffered by participants in the Cash 4 Titles scheme, according to a press release issued on July 9, 2001 by the Bank of Bermuda.

Incriminating FIBG documents

July 4, 2001
In the public interest, we have posted two new documents on our web-site about the First International Bank of Grenada, which can be downloaded from www.offshorebusiness.com/fibgpage.htm.   Both documents are emails that were sent last year, one from FIBG founder Van Brink to Tai Hastey on March 28, 2001 and the other from British barrister Lawrence Jones to Brink on June 8, 2000.

Meridian Investment Bank principal accused of fraud

June 30, 2001
A civil fraud lawsuit has been filed in Florida against a former plumber who is a principal of Grenada-registered Meridian Investment Bank. Sheldon Mickelson was named as a defendant in a lawsuit filed at the Seventeenth Judicial Circuit of Florida for Broward County on June 12, 2001. Plaintiffs Atul Bisaria and Deventra Sharma claim that Mickelson and two co-defendants, Mario C. Turcotte and Arthur Godin, defrauded them in a land deal.

British Trade & Commerce Bank sued in Tennessee

June 30, 2001
Dominica-based British Trade and Commerce Ltd., which went into receivership earlier this year, has been named as a defendant in a lawsuit filed in the United States.The lawsuit was filed by Global 3000 LLP, a Delaware Limited Partnership, and Herbert Beck at the U. S. District Court for the Eastern District of Tennessee on June 14, 2001.

Judgment entered against client of Terry Neal’s Exchange Bank and Trust

June 30, 2001
A client of Exchange Bank and Trust, which is operated illegally in Nevis by Terry Neal-controlled Nevis American Trust Company, has lost a stock fraud lawsuit filed by the SEC in the United States.Judgments were entered against Stephen C. Sayre, Independent Financial Reports Inc. and Silver Screen Industries Inc. at the US District Court for the Central District of California on May 24, 2001.

DIAK Bank sued for alleged fraud

June 30, 2001
A Grenada-registered bank that is operated from St. Vincent without a license is being sued for alleged fraud in the United States.DIAK Bank and one of its directors, Kenneth R. Lagonia, are both defendants in a lawsuit filed at the US District Court for the District of Montana on January 17, 2001.

Revocation of bank licenses in Grenada, Bahamas, Cayman and St. Vincent

June 30, 2001
Regulators in Grenada have revoked the licenses of six more offshore banks, at least two of which were linked to the First International Bank of Grenada and stopped operating months ago.The banks are Anglo-American Limited, Rahab Trust and Management, Wellington Bank and Trust, Caribbean Merchant Bank, Crown Meridian Bank and Bern Savings Bank.

Third Cash 4 Titles lawsuit filed against Bank of Bermuda

June 30, 2001
Another civil lawsuit has been filed in the United States against the Bank of Bermuda in relation to the Cash 4 Titles Ponzi scheme that collapsed in 1999 with debts estimated at $300 million.The lawsuit was filed on behalf of more than 170 plaintiffs from various parts of the United States at the Circuit Court of Shelby County, Alabama on April 26, 2001.

How to get around Bermuda’s 60:40 rule without breaking sweat

June 30, 2001
The farcical nature of the Bermuda law that is supposed to restrict foreign ownership of local companies to 40 per cent was exposed this month in a transaction regarding Bermuda Commercial Bank.On June 15, 2001, BCB announced that Netherlands Antilles-registered First Curacao International Bank N. V. had increased its shareholding from 33.74 per cent to 48.08 per cent of common shares.

Six more bank licenses revoked in Grenada

June 25, 2001
Regulators in Grenada have revoked the licenses of six more offshore banks, at least two of which were linked to the First International Bank of Grenada and stopped operating months ago.   The banks are Anglo-American Limited, Rahab Trust and Management, Wellington Bank and Trust, Caribbean Merchant Bank, Crown Meridian Bank and Bern Savings.

Liechtenstein: Jorge Hugo Reyes Torres

June 15, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Jorge Hugo Reyes Torres and others for suspected money laundering and narcotics trafficking.

Liechtenstein: Juan Carlos Saavedra Molina et al

June 14, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Juan Carlos Saavedra Molina and others for the alleged laundering of the proceeds of narcotics trafficking.

Clients of Marc Harris imprisoned in Florida

June 13, 2001
Marc Harris clients Tony Vigna and his son, Joseph, have been sentenced to prison terms of 24 months and 18 months, respectively, at the US District Court for the Southern District of Florida after previously pleading guilty to tax evasion.

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).

Gulf Union Bank settles lawsuit brought against former US athlete

May 31, 2001
The liquidators of Gulf Union Bank (Bahamas) Ltd. have reached an out of court settlement with a former professional athlete in the United States who borrowed money from the bank. Fred D. Barnett Jr., who played in the National Football League between 1990 and 1997 for the Philadelphia Eagles and Miami Dolphins, had received a loan of about $70,000 from the bank to buy a sports car, said a bank representative.

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.

Imperial Consolidated changes web-site and postpones deposition

May 31, 2001
OffshoreAlert's investigation into the Imperial Consolidated Group reached high farce in May when the firm gave a number of Pythonesque answers to questions that we submitted to its UK-based Public Relations firm, Luther Pendragon. Perhaps the most comical response was a claim that it was prevented by UK law from disclosing the qualifications and experience of a 25-year-old man listed as General Manager of Grenada-based Imperium Bank.

Suisse Security Bank & Trust hearings put on hold to mid-June, 2001

May 31, 2001
Suisse Security Bank & Trust's fight to get back its Bahamas banking license and have the Central Bank Governor held in contempt of court for suspending and then revoking it is on hold until the judge handling the case returns from vacation on June 10, OffshoreAlert has been told.

Burdett Streeter sued for alleged fraud in the California

May 31, 2001
A man who at one time was listed as a Director of Grenada-registered Meridian Investment Bank has been accused of defrauding 59-year-old twin sisters out of $550,000 in a civil lawsuit filed in the United States. California-based Burdett Hale Streeter is alleged to have conned the women out of their savings by selling them into a "High Yield Investment Program" and other schemes that were described as "risk free".

Another dubious Grenada bank run by an American dentist

May 31, 2001
OffshoreAlert has come across another dubious Grenada-registered offshore bank that is operated by an American dentist. Lincoln Investment Bank Ltd., which is run by Dr. Thomas E. Miller, of North Platte, Nebraska, has been offering depositors annual interest of up to 144 per cent.

Indicted ex-client of John Mathewson linked to Nevis trust company

May 31, 2001
A man who is under criminal indictment in the United States for alleged money laundering and fraud is no longer involved with Nevis-based Guardian Trust Company, said the firm's manager, Jessica Huggins. Even though one of Guardian's web-sites is still registered to Baron D. Abboud, of Omaha, Nebraska, Huggins said: "He no longer has anything to do with the company."

Norway: Torstein Kjell Hauge

May 31, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Norway into Torstein Kjell Hauge for alleged bank fraud, insurance fraud, and false or fraudulent representations.

Bank of Butterfield receives exemption from 60:40 law

April 30, 2001
The share price of the Bank of N. T. Butterfield & Son received a boost when the firm became Bermuda's second bank to be exempted from a law restricting foreign ownership of a local company to 40 per cent.The exemption

Windsor International Bank told to remove references to Merrion Re

April 30, 2001
A Grenada-licensed bank founded by a dentist has been told to remove references on its web-site to a reinsurer that purportedly "guarantees" the bank's high yield investment products. Darren Thomas, a Director of Merrion Re, of Dublin, Ireland, told OffshoreAlert that references to the reinsurer on the site of Windsor International Bank & Trust had been "put there in error".

Mathewson claims Cayman politician asked for pay-off

April 30, 2001
Former banker John Mathewson claims that a member of the Cayman Islands government once asked him for a pay-off of $250,000, plus shares in an offshore bank that Mathewson controlled. Mathewson, who owned and managed the now defunct Cayman-registered Guardian Bank & Trust, made the allegation on the first of three days of United States Senate hearings into money laundering.

Cambridge International Bank officers charged with fraud

April 30, 2001
Six weeks after they were arrested in the United States, former Grenada bankers David Frank Rowe, 52, and Gerard Michael Burns, 52, were criminally indicted in San Jose, California on April 11. Rowe and Burns are being held in custody pending the outcome of their case, while a third indictee, Waylon McMullen, 54, is subject to an arrest warrant but has not been apprehended.

FIBG liquidator warns creditors to expect no dividend

April 30, 2001
Creditors of the First International Bank of Grenada have been informed by its liquidator that they might get back nothing from the liquidation. In a letter to creditors dated April 23, 2001, FIBG liquidator Marcus A. Wide, of accounting firm PricewaterhouseCoopers, wrote that "there will be a significant shortfall to creditors".

Sterling International Bank fails to unfreeze assets

April 30, 2001
An offshore bank has failed to unfreeze US$540,000 of its assets that were frozen at the Bank of Montreal in Vancouver by the British Columbia Securities Commission as part of a stock fraud investigation. The provisional liquidator of Nauru-registered Sterling International Bank Inc., Graham R. Whiteside, had applied for the funds to be released so that he could proceed with the liquidation of the bank.

Imperial Consolidated principals resign

April 23, 2001
Three weeks after OffshoreAlert exposed their role in a failed hotel in Morecambe, England; Lincoln Julian Fraser and Jared Bentley Brook have resigned as Chairman and Chief Executive Officer, respectively, of the UK-based Imperial Consolidated Group, with immediate effect.

SEC files lawsuit against Wellington Bank & Trust

March 31, 2001
Thirteen months after being exposed by OffshoreAlert as a scam, the SEC filed a civil lawsuit against Grenada-registered Wellington Bank & Trust, its principals and affiliates. The lawsuit was filed at the United States District Court for the Southern District of Indiana on February 27, 2001.

Suisse Security Bank & Trust fights for its license

March 31, 2001
Bahamas-based Suisse Security Bank & Trust filed an application at the Bahamas Supreme Court on March 29, 2001 to reverse what it has called "a purported out-of-court appointed receivership". The Respondents in the lawsuit are Julian Francis, who is the Governor of the Central Bank of the Bahamas; the Attorney-General of the Bahamas and SSBT's Receiver, accountant Raymond Winder.

National Commercial Bank of St. Vincent awarded damages over asset freeze

March 31, 2001
The National Commercial Bank of St. Vincent has been awarded damages by Grenada Supreme Court after its correspondent accounts were frozen in the United Kingdom by attorneys representing victims of the First International Bank of Grenada. In a decision on December 12, 2000, the court discharged an injunction that had been granted on August 11, 2000 in Grenada and September 14, 2000 in the High Court in England against NCB's assets held in correspondent accounts in the United Kingdom.

Panamanian regulators act against Marc Harris

March 31, 2001
The Panama Securities Commission has turned down an investment advisor application by Harris Investment Advisory Inc., which is part of The Harris Organization group. A Commission spokesman said the application was rejected primarily because of "the number of  complaints we have received from Harris clients alleging all sorts of dubious practices".

Imperial Consolidated: Prior debts of principals and more regulatory problems

March 31, 2001
The Chairman of the Imperial Consolidated Group was threatened with criminal action in England in 1996/97 after being accused of breaking the terms of his bankruptcy, we can disclose. Even then, it took Lincoln Julian Fraser many more months to settle a debt of GBP22,000 (approximately US$32,111) to Lincolnshire-based creditor Heckford Advertising.

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.

Grenada bankers arrested in US on suspicion of investment fraud

March 31, 2001
Two businessmen who helped run Grenada-registered Cambridge International Bank & Trust were arrested in the United States on February 28 and are being held in custody. David Frank Rowe, 52, and Gerard Michael Burns have been accused of fraud at the US District Court for the Northern District of California.