Alister McKeller

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    Principals of Bahamas bank accused of hiding assets

    The principals of Bahamas-based Suisse Security Bank & Trust have allegedly put more than $31 million of client funds in jeopardy due to their "interference and obstruction" with its provisional liquidation.This includes $5.5 million in cash that was transferred out of an account at Barclays Bank in Nassau in April, 2001 after the bank was closed down by regulators, according to investigators.

    Steps taken to recover SSBT assets in United States

    The Provisional Liquidator of Bahamas-based Suisse Security Bank and Trust has taken steps to recover approximately $13 million of the bank's assets held in the United States. Raymond Winder filed a petition at the United States Bankruptcy Court for the Southern District of New York on February 22, 2002.