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US Gov't applies to seize 'criminal proceeds' at FBME Bank

December 11, 2007 by David Marchant

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The United States Government has applied to seize funds held in an account at FBME Bank Ltd. in Cyprus that it alleges are the proceeds of criminal conduct by a California-based client.

The application to seize funds in an account in the name of Pro Peptides, Inc., with an address of 311 Frys Harbor Drive, Camarillo, California 93012, was filed at the U. S. District Court for the District of Rhode Island on November 8, 2007.

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.