David Graham

A Florida court has issued an injunction forbidding the liquidator of Bahamas-based Surety Bank and Trust from distributing assets to seven people, including six of the bank's shareholders.The injunction is part of an investigation into an alleged $200 million fraud committed in the name of Evergreen Security Ltd., which effectively operated as an unlicensed offshore mutual fund.

Bahamas-based Surety Bank & Trust is to go into voluntary liquidation after its banking license was suspended by the Central Bank of the Bahamas. The license was suspended on November 23, 2000 for a breach of Section 11 of the Banks and Trust Companies Regulations Act, which deals with capital adequacy and reporting requirements.