More than 1,600 victims of an investment scam known as Le Club Prive have received their entire principal back due to a four-year asset recovery effort by the scheme's Receiver, Joseph J. Wielebinski. In his final report to the U. S. District Court for the Northern District of Texas on September 28, 2007 - 85 months after his appointment, Wielebinski stated that approximately $15 million had been distributed to 1,616 victims.
Eugene Chusid, who has recently been implicated in an investment scam known as Le Club Privé, has been imprisoned for 37 months for another fraud involving the Caribbean Bank of Commerce, of Antigua.Chusid was also fined $250,000 and ordered to pay restitution of $360,000 when he was sentenced at the US District Court for the Southern District of New York on July 17, 2001.
A Russian businessman who ran the crooked Caribbean Bank of Commerce in Antigua has been accused of running a massive investment scam over the Internet. New Jersey-based Eugene G. Chusid, who already has two pending criminal actions against him relating to CBC, may yet face a third after the SEC closed down a fraud known as Le Club Privé.
Barbados-based attorney Yolande Bannister claims that her law and company management firms no longer represent two fraudulently-run banks. Offshore Alert has previously reported that Bannister's Alpha & Omega Law Chambers/YBG Management in Bridgetown, Barbados, served as the administrative office for the crooked Digital Commerce Bank.
International Financial Privacy Association's '6,000 square foot' office building fails to materialize, fraudulently-operated World Investors' Stock Exchange shamelessly targets the elderly, Imperium Bank offers double-digit annual returns, Cayman Islands Court of Appeal upholds decision to remove Chris Johnson and Nick Freeland as liquidators of local Cash 4 Titles firms, Eugene Chusid's Digital Commerce Bank, John Bourbon and Valia Theodoraki appointed heads of Cayman Islands Monetary Authority and Cayman Islands Stock Exchange, respectively; Nigel Scott Grant - sorting out fact from fiction on his Curriculum Vitae.
The Caribbean Bank of Commerce, which had its banking license revoked in Antigua last year, has been up to its old tricks again. On March 29, 2000, the US Office of the Comptroller of the Currency put out a warning about something calling itself Digital Commerce Bank Ltd., which is one of the names CBC now operates under.
The Russian criminals behind the Caribbean Bank of Commerce, which Antiguan regulators have been trying to close down for over a year, have put the bank up for sale. A representative of CBC this month sent out mass e-mails offering four different banks for sale, including the Caribbean Bank of Commerce.
Offshore Alert can this month reveal further details about an Internet bank in Antigua that is perpetrating a fraud so crude that it illustrates why the island has developed such a poor reputation in the offshore world. The fraud is all the more disturbing because the bank's legal representative in Antigua is Steadroy Benjamin, who is a Senator for the ruling Antigua Labour Party and is the Deputy Speaker of the Antiguan House of Representatives.
The Caribbean Bank of Commerce Limited, which operates as an Internet bank and appears to have Russian connections, has won the latest battle in an attempt by Antiguan regulators to take away its banking licence and strike it off the Companies Register. But the authorities are continuing their fight to close down the bank, one of whose officers with a heavy Russian accent called the offices of Offshore Alert this month and told us that "you don't know who you're dealing with" after we had started making inquiries about their operations.