First Atlantic Commerce

The biggest creditor in the bankruptcy of Christopher Davy, who was once a senior officer of the tax evasion group The Harris Organization, is none other than the IRS; the dubious liquidation of Imperial Consolidated spin-off Invaro Ltd.; and Canadian Timothy Ryan Babuin receives an eight-year prison sentence for a telemarketing scam against mainly elderly people that ended up causing huge losses for the Bank of Bermuda and Bermuda-based credit card processor First Atlantic Commerce.

A telemarketing fraudster has agreed to assist in an attempt to recover US$1.6 million that the United States Attorney in Los Angeles believes is being held by Bermuda-based e-commerce firm First Atlantic Commerce.Prosecutors believe the funds are the proceeds of Timothy Ryan Babuin's fraudulent activities, according to a plea agreement that he entered into at the U. S. District Court for the Central District of California on July 3, 2003.

A telemarketing scam has caused a potential gross loss of approximately $5.3 million for the Bank of Bermuda, which provided credit card processing services to the crooks believing their business to be clean. The liability was incurred when victims of the scam began doing charge-backs, leaving the bank, as card processor, ultimately responsible for losses.