AvantGuard Bank

An offshore financial services group that wound down its Bahamas-based business following legal action by the United States Government has resurfaced in Panama and England under a new name.Prosper International League Limited, widely known as PILL, has dismantled its web-site at www.pill.net and morphed into Alliance Asset Management, which has a site at www.allianceasset.com.

Grenada licensed AvantGuard Bank and Trust Ltd. has gone into voluntary liquidation following a review of its operations by accounting firm PricewaterhouseCoopers, acting on behalf of Grenada's Ministry of Finance. Pierre Gauthier, a spokesman for the bank, told OffshoreAlert on

A spokesman for AvantGuard Bank and Trust has said it may go into liquidation whatever the outcome of recent action taken against it by regulators in Grenada.The administrative functions of AvantGuard Bank were taken over for an initial 15-day period by the Grenada Ministry of Finance at the end of April in a clampdown that saw similar action taken against Imperium Bank and CornerStone International Savings and Investment Bank.

Grenada's Minister of Finance, Anthony Boatswain, has publicly announced that a review is being carried out of three offshore banks: Imperium Bank, AvantGuard Bank and CornerStone International Savings and Investment Bank.

In secret court hearings held in Antigua, the island's government has been trying to seize all or most of the $76 million of assets recovered so far in the liquidation of Eurofed Bank Ltd., we can reveal.The government is claiming the assets under its anti-money laundering laws on the grounds that they are the proceeds of criminal activity by former Ukraine Prime Minister Pavlo Lazarenko, 48.

The Bahamas-based multi-level marketing group Prosper International League Ltd., known as PILL, has promised to review the wording of a new marketing initiative after OffshoreAlert pointed out apparent inaccuracies and misrepresentations.

Feature on Prosper International League Limited, a.k.a. PILL.