Bahamas judge unfreezes fraud group’s assets, invites it to apply for damages

An attempt by the Attorney General of the Bahamas to confiscate the criminal proceeds of securities fraud firm Banakor Swisse S.A. spectacularly backfired last year after the group supplied the court with false information and the judge chose to believe the fraudsters over regulators and law enforcement agents.
The AG obtained an order at Bahamas Supreme Court freezing the group’s assets at The Royal Bank of Scotland (Bahamas) Ltd. on December 8, 2004 – just a few weeks after OffshoreAlert first exposed Banakor. However, after Banakor submitted affidavits that are replete with inaccurate and misleading information, Justice Jon Isaacs reversed his decision on June 13, 2005 and even awarded the crooks costs and invited them to apply for damages.