Former offshore services provider Terry Neal and three co-defendants have had their sentencing delayed pending a review of a U. S. Supreme Court opinion that federal sentencing guidelines are unconstitutional.
Petitions to wind-up five offshore banks were presented at Grenada High Court on July 24, 2003.The banks were Bank Crozier Ltd., DIAK Bank Ltd., Anglo American Bank Ltd., Wellington Bank & Trust Ltd., and Cornerstone International Saving & Investment Bank Ltd.
The Supreme Court of British Columbia has appointed a Receiver for US$20 million of assets belonging to two offshore banks, their clients and related parties - more than three years after freezing them.Following its appointment on June 16, 2003, KPMG Inc., in Vancouver, Canada, is seeking claimants for the funds, which were frozen in April/May, 2000 as part of an investigation into securities fraud.
Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, was arrested and released in Spain in June after a complaint was made to local police by clients unable to redeem their funds.Johansson told OffshoreAlert he was arrested at Barcelona airport on Friday, June 20 and released on Sunday, June 22 after two nights in custody. His passport was initially confiscated but soon returned, said Johansson.
Peter Johansson, head of the Bank Crozier group, which has offshore bank licenses in Grenada and St. Lucia, has been arrested and released in Spain after a complaint was made to local police by clients unable to redeem their funds.
The Bank of Montreal has been summoned to attend a hearing before the British Columbia Securities Commission on May 21 to answer an allegation that it breached an asset freeze order. The allegation concerns accounts controlled by Exchange Bank and Trust,
Offshore financial services provider and asset protection book author Terry L. Neal has been criminally indicted on tax-related offenses in the United States for the second time in three months.A 13-count superseding indictment was filed on April 23, 2003 against Neal, of St. Kitts and Oregon; and three associates, Lee. E. Morgan, of Oregon; James Fontano, of Nevada; and Aaron Young, of Oregon.
Exchange Bank & Trust, which was licensed as an offshore bank in Nauru and operated in Nevis, is being sued for $3 million by a client in British Columbia.The civil lawsuit was filed at the Supreme Court of British Columbia on April 24, 2003 by Umbrella LLC, which is registered in Nevis and based in Vancouver.
An offshore bank has failed to unfreeze US$540,000 of its assets that were frozen at the Bank of Montreal in Vancouver by the British Columbia Securities Commission as part of a stock fraud investigation. The provisional liquidator of Nauru-registered Sterling International Bank Inc., Graham R. Whiteside, had applied for the funds to be released so that he could proceed with the liquidation of the bank.
Nevis-based offshore financial services provider and author Terry Neal has been ordered to disgorge $2.3 million in "ill-gotten gains" and pay a $200,000 penalty to settle a civil fraud lawsuit in the United States. Neal, who is an American citizen, has also been barred from serving as an officer or director of a public company in the United States.