Timothy Babuin

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.

E-commerce solutions provider First Atlantic Commerce Ltd. has filed a lawsuit against its one-time business partner The Bank of Bermuda. Neither party would go into specific details about the nature of the action, which was filed at Bermuda Supreme Court on February 10, 2004.

Letter to the Editor of OffshoreAlert from Andrea Wilson, CEO, First Atlantic Commerce, regarding a fraud committed by Timothy Babuin.

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.