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Insolvent Bahamas insurer sues former directors over ‘dubious’ Florida property deals

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10 years ago

Topics

Anguilla Antigua & Barbuda Aruba Barbados Bermuda
Bribery & Corruption British Virgin Islands Cayman Islands Curaçao Dominica Fraud Grenada Guyana Insurance Liquidations & Insolvencies Litigation Montserrat Netherlands Antilles Panama St. Kitts & Nevis St. Lucia St. Vincent & the Grenadines Trinidad & Tobago Turks & Caicos Islands USA
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Keywords

Brian Branker British American Insurance Company Ltd. British American Isle of Venice (BVI) Limited Caribbean Money Market Brokers Charles Pratt
CLICO Investment Bank Colonial Insurance Company Gabrielle Patrick Green Island Holdings LLC Lawrence Duprey Ramchand Ramnarine Robert Fullerton Roy Partin Shiva Ramberran Sir Anthony Colman Vishnu Ramlogan
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Highlights

  • Agreement to acquire 6,000 acres in Florida rendered BAICO 'immediately insolvent'
  • BAICO allegedly agreed to pay $295 m for land that owner was willing to sell for $200 m
  • BAICO allegedly agreed to pay a "fee" of $75 m to intermediary Charles Pratt
  • Directors 'knew deal was financially terminal to BAICO' before they entered into it, claims insurer's judicial manager
  • Directors allegedly ignored several "red flags" and "clear evidence of deception" when pursuing the deal

Related Content

The court-appointed managers of Bahamas-domiciled British American Insurance Company Ltd., which operated throughout the Bermuda-Caribbean region, are suing the insurer's former directors and others for 'recklessly gambling away' hundreds of millions of dollars on 'speculative' Florida real estate investments.
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    David Marchant

    David Marchant is the founder, owner, and editor of OffshoreAlert. He is a career journalist who has lived and worked in Wales, England, Bermuda, and the USA. Since launching OffshoreAlert in 1997, he has exposed more than 175 investment fraud and money laundering schemes and helped law enforcement, regulators, and asset recovery specialists imprison, discipline, and seize the assets of those responsible. Fraudsters have sued for defamation in Canada, Cayman Islands, England, Grenada, Panama, and the United States, with several plaintiffs subsequently going to prison, including one for 17 years. He has appeared in TV shows and movie documentaries, including The Daily Show with Jon Stewart, American Greed, We're Not Broke, and The Price We Pay, and been quoted or referenced in countless news articles, books, and reports.

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