Joseph Nagy

Yet another principal of a fraudulently-operated, Grenada-licensed offshore bank has received a prison-term for fraud in the United States.Carl H. Lane, of Atlanta, Georgia, was sentenced to 30 months in prison and ordered to pay restitution of $1.058 million at the U. S. District Court for the Northern District of Georgia on June 29, 2005.

A default judgment for $1.18 million has been entered in the United States against Grenada-licensed VistaBank Ltd. and its principal, Carl H. Lane.The judgment, comprising $835,537 in actual damages and $350,000 in punitive damages, was entered on March 7, 2002 at the United States District Court for the Eastern District of Virginia.

Grenada-licensed VistaBank Ltd. and its President, Carl H. Lane, have been named as defendants in three separate lawsuits field recently in the United States. In two of the actions, the plaintiffs have alleged fraud against the bank, while the other complaint accuses Lane of ignoring an order to stop operating the bank from Atlanta, Georgia without a license.