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By Michelle Faul |
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April 18, 2000 |
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Same story published in Chicago Daily Herald,
United States, April 23, 2000 (http://www.dailyherald.com/);
Chattanooga Times Free Press,
United States, April 29, 2000 (http://class.timesfreepress.com/ShowIndex.asp?Section=Front%20Page);
and Deseret News, United States, April
25, 2000 (www.deseretnews.com/dn) |
Grenada Bank
Lures Many With 350% Returns; Critics Doubt Its Source of Wealth
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Intro: |
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It sounds
like an investor's dream: profits of 250 percent, tax-free, from a
discreet and distant offshore bank. And First International Bank of
Grenada -- a magnet for hundreds of Americans willing to part with
millions of dollars -- is extraordinary in other ways too.
Grenadian officials say the bank was capitalized in this former
British Caribbean colony on the strength of a jeweler's $20 million
appraisal of one ruby. They confirm its founder once went broke in
Oregon, bought a Grenada passport and changed his name. And its
reported income -- hotly contested -- would rank it among banking
heavyweights. |
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Excerpt: |
"First International Bank
of Grenada makes a mockery of the island as a legitimate financial
center," wrote Offshore Alert, a
leading Miami-based industry newsletter being sued by the bank's
owners for libel. |
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For complete story
refer to original source by clicking on logo
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