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Articles Banks & Trusts Bribery & Corruption British Virgin Islands Featured First International Bank of Grenada Fraud Grenada Insurance Investment St. Vincent & the GrenadinesOctober 31, 1999

FIBG latest: Dodgy share offerings and more ‘paper’ firms list on sham stock exchange

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25 years ago

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Banks & Trusts Bribery & Corruption British Virgin Islands Fraud Grenada
Insurance Investment St. Vincent & the Grenadines
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Andrew Young Arthur Clare Azie Taylor Morton Blue Caribbean Resorts Inc. Capital Bank International, Ltd.
Chris Calloway David Ulis First International Bank of Grenada Frank Davis Jason Taite Joe Rashinkas John Pennington Kenneth Sherlock Kevin B. Wilkerson Larry Yates Mark Trepanier Michael Reznick Professor John Hogan Ronald Gruber Ronald Pyrozyk Rubin Fogel Storm Gill The International Bank of Miami Yvette Barry
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The latest phase of what is turning out to be one of the most extravagant offshore frauds ever involves the sale of shares over the Internet, supposedly to finance a 120-room luxury resort hotel in Grenada and an on-line casino.
Investors in the resort project are “guaranteed” annual dividends of between 25-30 per cent, depending on the amount invested, even before anything has been built, while shareholders of the casino venture are promised 35 per cent annually.