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An offshore company
providing equity lines and other forms of investment in struggling
companies is being liquidated under allegations it defrauded clients
and engaged in insider trading.
Ian Strang, the liquidator for Atlas Securities Inc. of the Turks &
Caicos Islands, confirmed a report in the Internet bulletin
Offshore Alert that
police are investigating Atlas after a KPMG International audit
turned up evidence that President and CEO Scott V. Turner and his
father, Chairman V. Wayne Turner, had misappropriated an estimated
$8 million from the company's clients.
Strang said directors of Atlas Financial Group, the parent company
of Atlas Securities, called for the Turners' resignations following
KPMG's allegations of fraud. The Turks & Caicos Islands court
granted a petition June 28 by Atlas directors and shareholders to
place the company under voluntary liquidation under the supervision
of the court. Offshore Alert
also reports that civil lawsuits filed in the Turks & Caicos Islands
and Canada accuse the Turners of engaging in insider trading for
their own benefit and for the benefit of directors and officers of
publicly held companies. |
