First International Bank of Grenada

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Insider Talking: March 31, 2002

March 31, 2002
Subpoenas have been sent out to several former officers of the First International Bank of Grenada, including Rita Regale, Robert Skirving and Van Brink, to appear for examination in Grenada as part of the liquidation process being carried out by PricewaterhouseCoopers; Yet another Grenada offshore bank has gone out of business amid allegations of fraud against its clients; The Bank of Bermuda has estimated that its remaining potential liability to outstanding litigation relating to the Cayman-based Cash 4 Titles Ponzi scheme, excluding the $67.5 million settlement of a class action lawsuit in the United States, is no greater than $20 million; A civil complaint alleging 'dumpster diving' against international debt recovery firm Interclaim that was reported in last month's edition of OffshoreAlert has been dropped; The incredibly slow - yet inevitable - collapse of The Harris Organization financial services group of Panama appears to be closer than ever; and Bermuda-based stockbroker Carol Green has been ordered by a local court to repay $143,536 of debt run up with her former employer Lines Overseas Management.

OffshoreAlert’s Five-Year Anniversary

January 31, 2002
This month's edition of OffshoreAlert marks our fifth anniversary of continuous publication, having launched the newsletter on February 24, 1997. In the 60 editions since that date, OffshoreAlert has exposed many financial frauds committed around the globe involving many hundreds of millions of dollars.

Four offshore bankers arrested, two more on the run

November 30, 2001
Four offshore bankers were arrested by United States law enforcement agencies in November and charged with money laundering.Two more have also been charged with money laundering but are still at large after warrants were issued but not executed.Those arrested were

Insider Talking: September 30, 2001

September 30, 2001
How concerned is the Financial Times newspaper about being used to facilitate fraud? Not enough to stop publishing bogus valuations for the Cayman Islands domiciled Aristocrat Endeavor Fund. The FT is continuing to accept and publish sham Net Asset Values

Meridian Investment Bank has license revoked in Grenada

September 30, 2001
Meridian Investment Bank, whose principals include a plumber and an officer with the Canadian Space Agency, has become the latest bank in Grenada to have its license revoked amid allegations of fraud.MIB's banking license was revoked effective September 4, 2001

Offshore promoter Yank Barry convicted of bribery and money laundering

August 31, 2001
Not even the courtroom presence of boxing legend Muhammad Ali could save offshore investment promoter Yank Barry from being convicted of bribery, conspiracy and money laundering in Texas. Barry, 53, who resides in the Bahamas and also spends time in Grenada, faces up to 70 years in prison and a fine of $2 million when he is sentenced, which is scheduled for November 19, 2001.

Aristocrat Endeavor Fund emerges as key component of First International Bank of Grenada fraud

August 31, 2001
A Cayman-registered mutual fund whose shares were once listed on the Bermuda Stock Exchange has emerged as a centerpiece of the massive fraud committed by the First International Bank of Grenada.Shares in the Aristocrat Endeavor Fund comprised $17.25 million of FIBG's bogus initial capital of $32.75 million in 1997, according to a new report by the bank's liquidator, Marcus Wide.

FIBG founder viewed porn while fleecing investors

August 5, 2001
First International Bank of Grenada founder Van Brink appears to have spent much of his time viewing pornography over the Internet while clients were being fleeced, according to investigators. An analysis of a hard-drive taken from a computer used by Brink in Grenada showed that "about 80 per cent" of the settings on his Internet browser were pointed at porn sites, OffshoreAlert was told.

Incriminating FIBG documents

July 4, 2001
In the public interest, we have posted two new documents on our web-site about the First International Bank of Grenada, which can be downloaded from www.offshorebusiness.com/fibgpage.htm.   Both documents are emails that were sent last year, one from FIBG founder Van Brink to Tai Hastey on March 28, 2001 and the other from British barrister Lawrence Jones to Brink on June 8, 2000.

Meridian Investment Bank principal accused of fraud

June 30, 2001
A civil fraud lawsuit has been filed in Florida against a former plumber who is a principal of Grenada-registered Meridian Investment Bank. Sheldon Mickelson was named as a defendant in a lawsuit filed at the Seventeenth Judicial Circuit of Florida for Broward County on June 12, 2001. Plaintiffs Atul Bisaria and Deventra Sharma claim that Mickelson and two co-defendants, Mario C. Turcotte and Arthur Godin, defrauded them in a land deal.

Insider Talking: June 30, 2001

June 30, 2001
The First International Bank of Grenada loaned $30,000 to the wife of Grenada's then chief regulator, Michael Creft, so that she could buy a car and another $50,000 to the then President of the Grenada Bar Association, Reynold Benjamin, according to a document sent to OffshoreAlert; Dean Cantrell and Marcel Deinnet snap up domains in names of countries in the Bermuda-Caribbean region, fraud complaint filed against 'offshore banker' Douglas Castle, 72-year-old convicted fraudster is back in business, SEC continues trend of failing to menaingfully punish accused fraudsters, First Ecom.com Inc. acquires half of First Ecommerce Data Services Ltd. that it did not already own, Antigua gaming outfit World Sports Exchange Ltd. sues County Savings Association over three checks that allegedly bounced, First American International Bank becomes latest offshore bank to be operated in Nevis without a license by Global Dominion Financial Services, and Latvia-based Paritate Bank appears to be in financial trouble.

Revocation of bank licenses in Grenada, Bahamas, Cayman and St. Vincent

June 30, 2001
Regulators in Grenada have revoked the licenses of six more offshore banks, at least two of which were linked to the First International Bank of Grenada and stopped operating months ago.The banks are Anglo-American Limited, Rahab Trust and Management, Wellington Bank and Trust, Caribbean Merchant Bank, Crown Meridian Bank and Bern Savings Bank.

Six more bank licenses revoked in Grenada

June 25, 2001
Regulators in Grenada have revoked the licenses of six more offshore banks, at least two of which were linked to the First International Bank of Grenada and stopped operating months ago.   The banks are Anglo-American Limited, Rahab Trust and Management, Wellington Bank and Trust, Caribbean Merchant Bank, Crown Meridian Bank and Bern Savings.

United Nations body acts against latest scam run by former FIBG group officer

April 30, 2001
A new scheme run by former First International Bank of Grenada group officer Doug Ferguson has been denounced as a fraud by a representative of an organization within the United Nations. Ferguson has distributed promotional brochures in an attempt to raise "donations" for a "Foundation" to purportedly fund the G77 Chamber of Commerce & Industry of Developing Countries.

FIBG liquidator warns creditors to expect no dividend

April 30, 2001
Creditors of the First International Bank of Grenada have been informed by its liquidator that they might get back nothing from the liquidation. In a letter to creditors dated April 23, 2001, FIBG liquidator Marcus A. Wide, of accounting firm PricewaterhouseCoopers, wrote that "there will be a significant shortfall to creditors".

SEC files lawsuit against Wellington Bank & Trust

March 31, 2001
Thirteen months after being exposed by OffshoreAlert as a scam, the SEC filed a civil lawsuit against Grenada-registered Wellington Bank & Trust, its principals and affiliates. The lawsuit was filed at the United States District Court for the Southern District of Indiana on February 27, 2001.

National Commercial Bank of St. Vincent awarded damages over asset freeze

March 31, 2001
The National Commercial Bank of St. Vincent has been awarded damages by Grenada Supreme Court after its correspondent accounts were frozen in the United Kingdom by attorneys representing victims of the First International Bank of Grenada. In a decision on December 12, 2000, the court discharged an injunction that had been granted on August 11, 2000 in Grenada and September 14, 2000 in the High Court in England against NCB's assets held in correspondent accounts in the United Kingdom.

Insider Talking: March 31, 2001

March 31, 2001
Former Bermuda insurance boss John McGarrity resurfaces in the Bahamas, Turks & Caicos Islands regulators issue warning about Petro Funds, Bahamas resident Yank Barry goes on trial in Texas, default judgment entered in U. S. against American International Bank (in receivership), Bahamas union boss negotiates for employees of Suisse Security Bank & Trust, a private letter from FIBG principal Van Brink hints at corrupt payments to influential individuals in Grenada.

Grenada bankers arrested in US on suspicion of investment fraud

March 31, 2001
Two businessmen who helped run Grenada-registered Cambridge International Bank & Trust were arrested in the United States on February 28 and are being held in custody. David Frank Rowe, 52, and Gerard Michael Burns have been accused of fraud at the US District Court for the Northern District of California.

Two Grenada bankers arrested in US

March 10, 2001
David Frank Rowe and Gerard Michael Burns, who are or have been principals of Grenada-registered Cambridge International Bank & Trust, have been arrested in the United States and are being held without bail.

Canadian exchange suspends shares linked with Grenada bank

February 28, 2001
The Canadian Venture Exchange has suspended trading in the shares of two companies that are linked to insolvent Grenada-registered Cambridge International Bank & Trust. It is the latest regulatory action to be taken involving the now-defunct First International Bank of Grenada group, whose activities have been filling pages of newspapers all over the world recently.

FIBG crook Van Brink marries young woman in Uganda

January 31, 2001
American conman Van A. Brink, the founding chairman and CEO of the First International Bank of Grenada, recently married a considerably younger local woman in Uganda, where he fled just before FIBG collapsed in 2000 with an estimated $150 million stolen from depositors.

Insider Talking: January 31, 2001

January 31, 2001
David Voth unable to name auditor of The Forex Fund, Dennis Sutton charged with fraud and forgery in the Bahamas, fraudulent GTrade 'stock exchange' becomes active again after months of inactivity, conman Joseph Becker sets up his own European Community in cyberspace, FIBG-related barrister Lawrence Jones stops practicing law in England.

CBS News’ ’48 Hours’ exposes Global Prosperity

January 31, 2001
A group that has held highly dubious offshore seminars in Bermuda, the Bahamas and other offshore centers was exposed by CBS News' television program '48 Hours' on January 25. The program, which included an interview with OffshoreAlert's publisher, David Marchant, focused on the activities of the Global Prosperity Group, now known as the Institute of Global Prosperity.

Details of $50 m lawsuit re. Cambridge International Bank

January 31, 2001
In one of the latest lawsuits to be filed as part of the on-going Grenada banking scandal, creditors of Cambridge International Bank & Trust claim to have been defrauded of $50 million.Cambridge, which began life as a sub-bank of the First International Bank of Grenada, offered annual interest rates of up to 51 per cent per annum, according to the complaint.

FIBG put into liquidation, founder weds Ugandan woman half his age

January 31, 2001
A petition to wind-up the First International Bank of Grenada was filed by the Grenada government on January 12, with PricewaterhouseCoopers appointed as liquidator. In the petition, the government announced that US$206 million of clients' principal went into FIBG and that an additional US$266 million of interest is owed to creditors.

FIBG client Teddy Wayne Solomon sentenced to 24 years in prison

December 31, 2000
A client of the First International Bank of Grenada, Teddy Wayne Solomon, has been sentenced to 293 months in prison after a jury in Texas found him guilty on multiple charges of fraud and swindling. Solomon was also fined $150,000 and ordered to pay restitution of $2.4 million when he was sentenced on October 20, 2000 at the US District Court for the Northern District of Texas.

Insider Talking: December 31, 2000

December 31, 2000
During the course of 2000, Offshore Alert received many telephone calls and e-mails from clients of The Harris Organization financial services group in Panama who claimed to have been defrauded of various amounts of money; After Tony Vigna was recently deported from Panama to face criminal charges in Miami, further details emerged of a fake British passport that was obtained for him by The Harris Organization when he fled the US before being indicted; Standard Hellier Bank and Allianz Trade Reinsurance web-sites become inactive after investigation by Offshore Alert; We have been told by the Grenada Supreme Court that between 10 and 15 civil lawsuits have now been filed against the First International Bank of Grenada group; The default judgment entered against the Bank of Bermuda in favor of the Receiver of the Cash 4 Titles alleged Ponzi scheme at a US federal court on November 20, 2000 was set aside ten days later; Clyde DHood, the small-town electrician in Illinois who persuaded thousands of suckers all over the world to mail him millions of dollars just by promising high returns, remains in jail after his bail application was turned down; Canadian crook Jordan Bionda seems to subscribe to the philosophy that 'the best form of defense is attack'; and Americans are regarded virtually all over the world as being parochial in that they tend not to travel abroad, generally know little about other countries or world affairs and, rather insultingly to the rest of the world's population, give themselves titles such as 'World Champions' when they win a national championship, be it in basketball, baseball, American football or whatever.

Offshore criminal activity continues unabated in Grenada

November 30, 2000
Regulators in Grenada are continuing to allow banks belonging to the First International Bank of Grenada group to operate on the island despite FIBG's massive insolvency, we can reveal. The National Commercial Bank of St. Vincent, which is government-owned, is also continuing to provide banking services despite having its UK assets frozen recently over the FIBG fiasco.

Regulators issue Cease and Desist Order against Wellington Bank

October 31, 2000
The Indiana Securities Division has issued a Cease and Desist Order against Grenada-registered Wellington Bank & Trust Ltd., which is a sub-bank of the First International Bank of Grenada. Also named in the Order were Nevada-registered Wellington Capital Holdings Limited Inc., Ohio-registered CastleRock Consulting LLC and Ohio residents John E. Brinker Jr. and Gary J. Bentz.

Grenada licenses new FIBG and blocks FBI investigation into fraud

October 31, 2000
Grenada Prime Minister Keith Mitchell is being lined up as a potential defendant in a civil fraud lawsuit following the collapse of the First International Bank of Grenada. Depositors have vowed to take action against Mitchell after his government announced that it had granted a license to a new bank called First International Bank of Grenada 2000 Ltd.

FIBG victims obtain $373 million asset freeze order

September 30, 2000
Depositors of the First International Bank of Grenada have obtained an order from the Grenada Supreme Court that allows them to freeze up to $373 million of the bank's worldwide assets, if they can find them.The creditors are calling upon all depositors to join the lawsuit as co-plaintiffs and are seeking contributions of $1,000 each to cover costs.

FIBG put into receivership, more amazing revelations from Grenada

August 31, 2000
After allowing tens of millions of dollars to disappear and the crooks to flee the island, Grenada's government finally took over the First International Bank of Grenada this month. Government accountant Garvey Louison was appointed Receiver of FIBG on August 1 and immediately started preparing to liquidate the bank and all of its sub-banks.

Insider Talking: July 31, 2000

July 31, 2000
Robin Cotterell released on bail pending trial on money laundering charge, SG Hambros and Coutts settle Bahamas lawsuit, casino web-site's links to the Bahamas, where Internet gaming is prohibited; Canadian regulators issues warning about Cayman International Holdings, First International Bank of Grenada fraudsters open a new bank, investors in Versailles finance group apply to liquidate BVI firm Trading Partners, Harris Organization has Nov. 24 deadline to obtain investment manager's license in Panama, Imperial Consolidated Securities SA offers "High-Yield Investment Facility", Cayman Islands passes Electronic Transactions Bill and Computer Misuse Bill.

FIBG chairman calls for ‘positive energy’ to turn bank around

July 31, 2000
On July 4, 2000, not long before Adrian Ball's audit of the First International Bank of Grenada was completed, the bank's chairman, Richard Downes, sent an extraordinary letter to FIBG's depositors.In the 10-page letter, Downes acknowledged that FIBG was "experiencing a severe cash-flow problem" and asked clients for their "forgiveness".He then called on depositors to help to overcome the problems through "the flow of positive energy" in order to "reverse the polarities" of the "negative energy" surrounding the bank.

More revelations about the great Grenada banking scandal

June 30, 2000
Just when you thought it couldn't get any worse, the great Grenada banking scandal reached new levels of farce this month.One bank is operating without a banking licence, another is capitalized by a painting and the First International Bank of Grenada was still open for business at the end of June. Open, that is, to accept deposits but not to pay interest to its depositors, many of whom have complained to the island's regulators that they have not received interest payments for several months.Even allowing for corruption and incompetence, the refusal of the Grenada government to close down FIBG has led to one of the most bizarre situations in the history of offshore banking.

Yet another Grenada investment scam – Joi de Vie Ventures

May 31, 2000
OffshoreAlert has come across yet another investment scam being perpetrated in Grenada, this one involving a company called Joi de Vie Ventures Inc. The firm promises to pay depositors "100% profit per year" and informs them in promotional material that there is a "money-back guarantee".

Business card belies former plumber’s bank directorship denials

May 31, 2000
Parties involved with Grenada-registered Meridian Investment Bank are still denying that former plumber Sheldon Mickelson and Burdett Streeter are directors of the bank, despite evidence to the contrary.The denials on behalf of Mickelson are particularly bizarre since he has recently been handing out business cards in the US that read 'Meridian Investment Bank Ltd., Sheldon Mickelson, Director'.

Grenada regulator Michael Creft is ‘apparently corrupt’, says FIBG auditor

April 30, 2000
Grenada's Registrar of Offshore Financial Services, Michael Creft, was described last year as being "apparently corrupt" by the first accountant who attempted to audit the books of the First International Bank of Grenada. In a letter to Prime Minister Keith Mitchell, Lauriston Wilson wrote that Creft's actions relating to FIBG were "suspect and lead to the inescapable conclusion that he is apparently corrupt".

Meridian Investment Bank run by former plumber

April 30, 2000
One of the banks linked with the First International Bank of Grenada group is co-owned and partly run by a former plumber and two former bankrupts, Offshore Alert can reveal. The ex-plumber is Florida resident Sheldon A. Mickelson, 40, who we have been told by two sources is one of the senior partners in Meridian Investment Bank, which is one of the many 'sub-banks' sponsored by FIBG. 

First International Bank of Grenada Ltd. et al v. David Marchant et al: Dismissal Order

April 19, 2000
Final Order of Dismissal in First International Bank of Grenada Ltd., of Grenada; International Depositors' Reinsurance Corporation Ltd., doing business as IDIC, of Nevis, and World Investors' Stock Exchange Ltd., of Grenada v. David Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

Insider Talking: March 31, 2000

March 31, 2000
AS&K denies it is merging with Truman Bodden & Co. (Cayman), Neville Grant, resigns as head of the Cayman Islands Monetary Authority, Montserrat revokes offshore banking license of Equity Bank and Trust Company Limited, Grenada's Ambassador to the United States, Denis G. Antoine, makes a fool of himself while defending Grenada's offshore financial sector, illegally-operated offshore 'bank' continues in business despite regulatory action, sham 'Monaco Bank of Trade' tries to lure Internet users by offering absurdly-high rates of return, Russian businessman Vladimir Momitko dismantles web-site in which he sought to breach the copyright of financial publishers.

Regulators dither over First International Bank of Grenada

March 31, 2000
There has been considerable activity in Grenada over the last month as regulators belatedly try to get to grips with the fact that at least one-third of all banks incorporated on the island appear to be scams. The Grenada International Financial Services Authority, a newly-formed body designed to better regulate the offshore sector, has held several meetings to discuss the First International Bank of Grenada.

FIBG reports fictitious net income of $60 billion

February 29, 2000
The founding chairman of the First International Bank of Grenada has informed Grenada's chief offshore regulator, Michael Creft, that FIBG has made a net income of $60 billion in its first two years in business. The astonishing claim is made in a rambling, 26-page letter sent by Van A. Brink (a.k.a. Gilbert Allen Ziegler) to Creft on December 23, 1999 in an effort to assuage the regulator's concerns about the bank.

The views of Grenada-based banker Peter Johansson on the FIBG scandal

February 29, 2000
As the First International Bank of Grenada scandal made its way onto the front-page of The Wall Street Journal on February 29, Offshore Alert wondered how the negative publicity was affecting the legitimate financial institutions located on the island. Offshore Alert conducted a Question and Answer session with Peter Johansson, CEO of Swedish-owned Bank Crozier Limited, which was the second offshore bank to be licensed in Grenada in October, 1997.