James Ziegler

Government's Response to Defendant's Motion for Release in USA v. Gilbert A. Ziegler at the U. S. District Court for the District of Oregon.

First International Bank of Grenada founder Van Brink stripped $4.5 million of assets out of the bank not long before it went bust, according to its liquidator.In his third report to creditors dated June 1, 2002, Marcus A. Wide, of PricewaterhouseCoopers, reported that details of the asset transfers were contained "unsigned minutes from FIBG's June 2000 Board of Directors meeting".

In his Third Report dated June 1, 2002, the liquidator of the First International Bank of Grenada has again warned creditors that there may not be any dividend distribution.Marcus A. Wide, of PricewaterhouseCoopers, advised "there is a real and distinct possibility that there will be no distribution whatsoever made by the Liquidator to the FIBG depositors/creditors".

Creditors of the First International Bank of Grenada have been informed by its liquidator that they might get back nothing from the liquidation. In a letter to creditors dated April 23, 2001, FIBG liquidator Marcus A. Wide, of accounting firm PricewaterhouseCoopers, wrote that "there will be a significant shortfall to creditors".

Grenada began to come to grips this month with a financial scandal that is threatening to make the island the laughing stock of the offshore world. Three months after Offshore Alert exposed it as a fraud, the First International Bank of Grenada appears to be on the verge of being closed down by the local government.

The First International Bank of Grenada, the International Deposit Insurance Corporation and the World Investors Stock Exchange this month failed in their bid to obtain a court injunction preventing Offshore Alert from continuing to report on their fraudulent activities.Attorneys representing these entities filed hundreds of pages of documents at the U. S. District Court for the Southern District of Florida in an effort to obtain an emergency injunction preventing Offshore Alert from continuing to report on their dubious activities.

Offshore Alert can today expose a massive fraud involving at least three banks, an insurance company and a stock exchange into which investors are believed to have invested tens of millions of dollars. Participants in the scam include the World Investors Stock Exchange in Grenada, the International Deposit Insurance Corporation in Nevis, the First International Bank of Grenada, the International Exchange Bank, which is registered in either Nauru or Grenada but operated out of Bermuda and Texas; and Fidelity International Bank, which is registered in Nauru but operated from St. Vincent.