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By Leah Nathans Spiro in New York and Geri Smith in Panama City

 

June 1, 1998

TAX-HAVEN WHIZ OR ROGUE BANKER? Marc Harris' doings in Panama are raising eyebrows

Intro:
 
Psst! Are you an American citizen? Want to take your hard-earned savings overseas, out of the reach of tax authorities, pesky ex-spouses, or malpractice lawsuits? Just open an offshore account with The Firm of Marc M. Harris. You can do it all by fax or the Internet, where Harris solicits high rollers through his elaborate Web sites (www.marc-harris.com and www.escapeartist.com). Or open your account in person, and you'll be met at the Panama City airport by a chauffeured Jaguar and swept downtown for a heady introduction to the exotic world of offshore trusts, foundations, and second passports from countries such as Argentina, which Harris will help you obtain.
 
Excerpt:

On Apr. 6, Harris filed a $ 30 million libel lawsuit in U.S. District Court in Miami against David Marchant, the publisher of the Miami-based Offshore Alert newsletter, who also does investigative research for clients. In the complaint, Harris claims Marchant's Mar. 31 article falsely stated that Harris' organization was an insolvent Ponzi scheme and that some clients are unable to withdraw their money. -- At least two international banks in Panama have closed a number of Harris company bank accounts, say Panama banking and legal sources. Harris confirms the accounts were closed, blaming negative publicity. -- Harris is now flouting U.S. law that prohibits U.S. citizens from making investments in Cuba: His Cuba Web site offers Americans just that……..

Harris is dismissive of newsletter editor Marchant. ''We doubt Mr. Marchant's journalistic credentials,'' he says. Marchant says he can prove everything he reported. ''It is common for people I expose to attack my credentials,'' says Marchant, who brushes off the lawsuit. ''Being savaged by Marc Harris is like being savaged by a dead sheep.''

 
 
 

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