Grenada's former chief offshore regulator, Michael Creft, has admitted that the fraudulently operated First International Bank of Grenada bribed regulators and Government members, including Prime Minister Keith Mitchell. Creft has also acknowledged that he committed perjury in support of FIBG's failed
Eight years after their offshore scam was first exposed by OffshoreAlert, four former officers of the First International Bank of Grenada were sentenced yesterday to prison terms of between one-and-a-half and eight years.
USA's Sentencing Memorandum in USA v. Rita L. Regale, Douglas C. Ferguson, Robert J. Skirving, and Laurent E. Barnabe at the U. S. District Court for the District of Oregon. Editor's Note: This document is notable for its reference to testimony by Grenada's former chief financial services regulator, Michael Creft, in which he acknowledged bribery and corruption.
A United States national has been sentenced to 33 months in prison and fined $4.7 million for his role in a now defunct, fraudulently operated offshore bank on the Caribbean island of Grenada.The sentence was handed down to John Edward
The final defendant in the criminal prosecution of five former officers and directors of the First International Bank of Grenada has pleaded guilty in the United States. Laurent Barnabe, a 68-year-old Canadian national, pleaded guilty to two counts of money laundering at the U. S. District Court for the District of Oregon on March 27, 2006 - just seven days before the case was due to be tried. Barnabe's plea agreement includes a recommendation to the court that he be sentenced to six years in prison. Sentencing has been set for June 11, 2007.
Two defendants face lengthy prison sentences after admitting their involvement in an investment fraud perpetrated by the First International Bank of Grenada.Robert Skirving and Rita Regale each pleaded guilty to one count of conspiracy to commit money laundering regarding FIBG's fraudulent proceeds at the U. S. District Court for the District of Oregon on July 19, 2006.
Five insiders with the First International Bank of Grenada have been criminally indicted in the United States for allegedly perpetrating a scam that cost investors more than $206 million. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink, a U. S. national formerly of Oregon and Hawaii, now living in Uganda; Douglas C. Ferguson, a U. S. national formerly of Oregon; Laurent E. Barnabe, a.k.a. Larry Barnabe, a Canadian national residing in Las Vegas, Nevada; Rita L. Regale, a.k.a. Rita L. Brunges, a U. S. national formerly of Hawaii; and Robert J. Skirving, a U. S. national residing in Oregon, collectively face 146 counts at the U. S. District Court for the District of Oregon.
Second Superseding Indictment in USA vs. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink; Rita Regale, a.k.a. Rita Brunges; Douglas Ferguson, Robert Skirving and Laurent Barnabe, a.k.a. Larry Barnabe, at the U. S. District Court for the District of Oregon.
After allowing tens of millions of dollars to disappear and the crooks to flee the island, Grenada's government finally took over the First International Bank of Grenada this month. Government accountant Garvey Louison was appointed Receiver of FIBG on August 1 and immediately started preparing to liquidate the bank and all of its sub-banks.
Just when you thought it couldn't get any worse, the great Grenada banking scandal reached new levels of farce this month.One bank is operating without a banking licence, another is capitalized by a painting and the First International Bank of Grenada was still open for business at the end of June. Open, that is, to accept deposits but not to pay interest to its depositors, many of whom have complained to the island's regulators that they have not received interest payments for several months.Even allowing for corruption and incompetence, the refusal of the Grenada government to close down FIBG has led to one of the most bizarre situations in the history of offshore banking.
Offshore Alert has uncovered further disturbing information about the dubious past of another of the senior officers within the First International Bank of Grenada group. As with several other North Americans involved in the FIBG scam, Canadian citizen Laurent Barnabe, who is known as Larry Barnabe, has a history of ripping off investors.