Gulf Atlantic Management Group

A former Managing General Agent for the Clarendon Insurance Group and business associate of Stirling Cooke who claims that a criminal indictment left him too depressed to work is suing an insurer for stopping his disability payments. David R. Sanz, 39, claims that he is still incapacitated even though he was acquitted of racketeering, grant theft and fraud by a jury in Florida more than two years ago.

Receivers of the Florida Employers Safety Association Self-Insurers Fund sue David Sanz, share price of Stirling Cooke falls to new low on NASDAQ, Elite International Services offers dubious offshore products, Marc Harris on the move, prison inmate Ronald Williams apparently continues to rip people off during his day-release program, Bahamas Prime Minister Hubert Ingraham puts both feet in his mouth during press conference for murder of foreign national.

Businessman David Sanz was criminally indicted in the US last month to face charges of racketeering, grand theft and fraud in relation to Florida-based Gulf Atlantic Management Group Inc., which he owned. The offences include an allegation that Sanz illegally stripped off millions of dollars from GAMG over several years and, in a final flourish as the regulatory net closed in, sold its entire book of business of GAMG and that of a related company to Stirling Cooke Insurance Services for $1 million.

Stirling Cooke Brown Holdings, a publicly-listed company over which there are several question marks, has reported a profit of $4 million for the three months ended March 31, 1998 - a 41 per cent increase on the same period a year earlier. The company reported that revenues went up by 39 per cent to $19.9 million, while reporting that expenses also increased by 39 per cent to $15 million.