Craig Southwood

Bahamas-registered TAC International in $11 million judgment

February 28, 2001

TAC International Ltd., which was registered in the Bahamas, and two of its principals have been ordered to disgorge $10.9 million and fined $770,000 in the United States.Default judgments were entered against TAC International, Douglas R. Walker and Craig Southwood at the US District Court for the Western District of North Carolina on January 31, 2001.

TAC International and Craig Southwood penalized by regulators

September 30, 2000

Bahamas-registered TAC International and its President, Craig Southwood, have been further penalized by the British Columbia Securities Commission after failing to honor a previous settlement agreement. In a ruling on June 9, 2000, shares in TAC International Limited were permanently cease-traded and Southwood was prohibited from trading in securities and serving as an officer or director of a company.

Bahamas-registered TAC penalized by Canadian securities regulators

June 30, 2000

Bahamas-based TAC International Ltd. and its President, Craig Southwood, have been penalized by the British Columbia Securities Commission for promoting an unregistered and fraudulent investment program.

TAC International accused of $12 million fraud

February 29, 2000

Two men accused of running a Bahamas-based scheme that allegedly defrauded thousands of Americans out of more than $12 million were criminally indicted in North Carolina this month. Craig Southwood and Douglas R. Walker, who ran Bahamas-registered TAC International, have each been charged with 17 counts of federal conspiracy, mail fraud, wire fraud and money laundering.