Nelson Bayford

Following the collapse of their insolvent financial group in St. Vincent & the Grenadines amid suspicions of fraud, the principals of Omnicorp Bank and its affiliates are starting a new investment scheme based in Cyprus. The management is the same as Omnicorp's and includes Canadians Nelson Bayford, Lloyd Merrifield and Gary L. Moore, the latter of whom settled an SEC stock fraud lawsuit in 2000 by agreeing to disgorge $24,175.

Pressure from regulators in St. Vincent & the Grenadines has caused Omnicorp Bank Inc. to take steps to sell its investment portfolio, after which it is expected to lose its banking license.The local Offshore Finance Authority stepped in due to concerns about the solvency of Omnicorp, which had offered clients annual interest of up to 60 per cent.

Omnicorp Bank, of St. Vincent, is attempting to convert from an offshore bank to an investment fund in an attempt to stave off liquidation.Canadian national Nelson Bayford, who controls the bank, has been approaching depositors requesting that they convert their interest from debt to shares, said two sources.

A group that has held highly dubious offshore seminars in Bermuda, the Bahamas and other offshore centers was exposed by CBS News' television program '48 Hours' on January 25. The program, which included an interview with OffshoreAlert's publisher, David Marchant, focused on the activities of the Global Prosperity Group, now known as the Institute of Global Prosperity.