Evergreen Security Ltd.

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    Evergreen Security creditors receive seven per cent dividend

    Evergreen Security Ltd., which perpetrated a massive investment fraud, has emerged from bankruptcy proceedings and made an initial distribution of $13 million to 1,900 creditors.The October 1, 2004 dividend represents a pay-out of just seven cents in the dollar, or $6,842 each, to creditors with claims totaling $185 million. Future distributions will depend on the success in recovering assets mainly through litigation with Evergreen's owners, managers, brokers, consultants and others, according to a press release issued by R. W. (Bill) Cuthill, Jr., whose status has changed from Bankruptcy Trustee to President.

    Four plead guilty to Evergreen Security charges

    Four men have agreed to plead guilty to criminal charges relating to the 'Evergreen Security' investment scam, which defrauded approximately $200 million from more than 2,000 investors.They are Thomas Spencer, 51; Robert W. Boyd, 55; and Martin W. Boelens Jr., 45, all of Orlando, Florida; and Anthony V. Micciche, 72, of Tampa, Florida.Spencer and Boyd are shareholders of Bahamas-based Surety Bank and Trust (in liquidation), which ended up with some of the proceeds from the fraud.

    Businessmen indicted over Evergreen Security alleged fraud

    Three businessmen have been criminally indicted in the United States for allegedly stealing $27.7 million from British Virgin Islands-registered  mutual fund Evergreen Security Ltd.William J. Zylka, James P. Conroy and Martin W. Boelens Jr. were each charged with two or more counts of Grand Larceny at the Supreme Court of the State of New York on June 7, 2001.

    Failed $200 million fund linked with Bahamas bank

    An offshore mutual fund that has collapsed amid debts of $200 million and allegations of massive fraud had close links with Bahamas-based Surety Bank & Trust, OffshoreAlert can reveal. SBT's relationship with British Virgin Islands-registered Evergreen Security Ltd. appears to be the reason why the bank chose voluntary liquidation late last year over being sold as a going concern.