Vincent Schembri

The final two defendants in the criminal prosecution of five former officers and directors of the First International Bank of Grenada have pleaded guilty in the United States, thereby averting a trial into one of the most notorious offshore banking frauds in recent years.Douglas Christie Ferguson, 74, pleaded guilty to one count of conspiracy to commit money laundering and Laurent Barnabe, a 68-year-old Canadian national, pleaded guilty to two counts of money laundering at the U. S. District Court for the District of Oregon on March 19 and March 27, 2006, respectively. Ferguson's plea agreement carries a recommendation that he serve 52 months in prison, while Barnabe's recommended prison-term is six years.

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.