Euro Caribbean Bank

Police in Bermuda have carried out raids on several offices on the island, including those of law firm Appleby Spurling and Kempe, looking for documents as part of a criminal investigation, reported The Royal Gazette newspaper on July 22, 2003; A Canadian Alliance MP wants Canada to investigate the possibility of annexing the idyllic Turks and Caicos Islands, reported the National Post, of Canada, on July 15, 2003; A court in Zurich, Switzerland, has sentenced Greek businessman Panagiotis A. Papadakis to 23 months and 16 days in prison for fraud, according to a newsletter published by the International Chamber of Commerce's Commercial Crimes Bureau; Former janitor John Wayne Zidar, 60, who orchestrated a Ponzi scheme that took in approximately $74 million from about 3,200 people in the United States and elsewhere, including Bermuda, was sentenced to 30 years in prison on July 28, 2003 at the U. S. District Court for the District of Western Washington; Mazars Neville Russell, the administrators of the Imperial Consolidated Group, have recovered relatively few assets for distribution to its clients and creditors, if a recent filing with Companies House for England & Wales is anything to go by; Just 15 months after they were formed, voluntary applications have been made to strike off two companies that were set up by former senior officers of the Imperial Consolidated Group to carry on in business as IC was collapsing after defrauding investors of $345 million; and A publicly-traded firm in the United States has written off its entire $1 million investment with Omnicorp Bank, which was closed down by regulators in St. Vincent last year but only after the bank's depositors were asked to convert their CDs to preferred shares in a highly dubious U. S.-registered, Canadian-based firm called Solara Ventures.

Less than a month after they were taken down as a result of an OffshoreAlert investigation, references to Grenada-registered Euro Caribbean Bank have been reinstated on the web-site of the 'Stock Exchange' of the sham country known as the Dominion of Melchizedek; Caribbean Media Corporation, which operated the Caribbean News Agency, popularly known as CANA, has suspended operations; Another web-site that has shut down, albeit for different reasons, is that of Prosperitas Internationale Credit Union at www.prosperitasinternationale.com; Vanuatu-domiciled International Seminars Ltd., which organizes offshore seminars at which get-rich-quick schemes are promoted, is operating under a new name - Global Wealth Education Ltd.; John Bourbon resigned as Managing Director of the Cayman Islands Monetary Authority, effective January 16, 2002 - 18 months after taking up the position, citing "personal reasons"; An ex-SEC officer is critical of his former employer in a book he has written about how the stock markets and the Internet are used to commit fraud against the unsuspecting public; Clyde Hood, the 67-year-old retired electrician from Mattoon, Illinois who persuaded thousands of people from all around the world to collectively send him more than $12 million by offering a return of 5,000 per cent in 275 days, has been sentenced to serve 14 years in prison; A web-site has been set up to raise funds to defend Kenneth R. Weare, of Belize-based J&K Global Marketing, against an SEC lawsuit filed on April 10, 2001, even though the case has ended without the defendants or their legal representatives ever putting in an appearance; The Isle of Man government has granted an online gaming license to Action Online Entertainment (IOM) Limited, which is the fifth firm to receive such a license; Imperial Consolidated is blaming its lawyers for its loss of a libel lawsuit in New Zealand, in which the judge determined they had fabricated documents submitted as evidence and questioned the legitimacy of their investment products; and Justice Hugh Small, sitting at the Bahamas Supreme Court, issued an order on December 20, 2001 that the voluntary liquidation of Americas International Bank Corporation Ltd. be continued but under the supervision of the court.

A principal of two offshore banks has told OffshoreAlert that he no longer has anything to do with the Dominion of Melchizedek, despite his name appearing on literature associated with the fake nation.Peter Drakoulakos, who heads Euro Credit Bank A.D., of Montenegro, and Euro Caribbean Bank Ltd., of Grenada, was once listed as the South American "Ambassador" for Melchizedek on its web-site.