Alfred Sears

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    Bahamas mail-drop firm raises capital in illegal offering, then folds

    September 30, 2001
    Bahamas-based mail-drop firm ASAP Services Ltd., which only 10 months ago was selling unregistered shares that valued the tiny firm at $135 million, has collapsed after four years in business. Visitors to the firm's web-site at www.asapbahamas.com are greeted with an announcement stating that "as of August 31, 2001, A.S.A.P. Services, Ltd. is officially closed for business".

    Suisse Security Bank & Trust loses court decision over license

    July 31, 2001
    Suisse Security Bank and Trust has failed to have the suspension and revocation of its license overturned on the grounds that the Central Bank of the Bahamas acted unconstitutionally.At issue was whether Section 14 (1)(f) of the Bank and Trust Companies Regulations Act 2000 contravened Article 27 of the Bahamas Constitution.

    Bahamas fund group forced into receivership

    September 30, 2000
    An unlicensed, unaudited mutual fund group into which over 550 investors invested approximately $13.2 million has been forced into Receivership by the Bahamas Securities Commission. It has triggered a bitter legal battle for control of the Hawthorne-Sterling family of funds between their Receiver, accountant Clifford Culmer, and their founder, American Ian L. Renert.