NAGG Holdings Ltd.

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    Fraudster pleads guilty, US Attorney to seek $1.6 m from Bermuda firm

    A telemarketing fraudster has agreed to assist in an attempt to recover US$1.6 million that the United States Attorney in Los Angeles believes is being held by Bermuda-based e-commerce firm First Atlantic Commerce.Prosecutors believe the funds are the proceeds of Timothy Ryan Babuin's fraudulent activities, according to a plea agreement that he entered into at the U. S. District Court for the Central District of California on July 3, 2003.

    Bank of Bermuda counts cost of Canadian telemarketing scam

    A telemarketing scam has caused a potential gross loss of approximately $5.3 million for the Bank of Bermuda, which provided credit card processing services to the crooks believing their business to be clean. The liability was incurred when victims of the scam began doing charge-backs, leaving the bank, as card processor, ultimately responsible for losses.