Overseas Development Bank & Trust

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British accountants charged with offshore scam

Two British nationals have been charged with defrauding clients of companies in the Bahamas and England in a high yield investment scam.Shinder Gangar, 44, and Alan White, 47, were each charged with two counts of conspiracy to defraud at Leicester

United Kingdom: Shinder Gangar et al (Texas)

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Shinder Gangar and others for alleged investment fraud.

United Kingdom: Shinder Gangar et al (Florida)

Application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud and money laundering by Shinder Gangar and others.

Dobb White & Co. forced into liquidation

A United Kingdom-based accounting firm accused of fraud involving an offshore bank has gone into liquidation and its two partners declared bankrupt. Orders to wind-up Dobb White & Co., of Leicester and Nottingham, in England, and bankrupt Shinder Singh Gangar and Alan White were issued by the UK High Court on December 2, 2003.

Ex-ODBT operators set up new investment scheme

Two businessmen who previously helped to operate the now-defunct, scandal-ridden Overseas Development Bank & Trust in Dominica are involved in a new investment scheme in the United States. Terence de'Ath, a British national, and Gary Lynn McDuff, a citizen of the United States, are behind The Avenger Fund Business Trust, which was formed in Nevada on March 22, 2002. 

$130 million judgment against securities fraudster

A federal court in the United States has entered a $130 million judgment against a businessman who perpetrated an investment fraud using several offshore structures. The judgment, entered on June 6, 2003 at the U. S. District Court for the Western District of Virginia, requires Terry Dowdell to pay disgorgement of $121.2 million, $8.6 million in prejudgment interest and a fine of $1 million.

Terry Dowdell pleads guilty to fraud

A business associate of the now-closed Overseas Development Bank & Trust Ltd., of Dominica, has pleaded guilty to 20 felony charges, including securities fraud, money laundering and wire fraud.The charges relate to a multi-million dollar fraudulent trading program that Terry L. Dowdell operated through his Bahamas-registered firm, Vavasseur Corporation, starting in 1998.

Insider Talking: September 30, 2002

The Imperial Consolidated fraud has taken a further turn for the bizarre with the distribution in September of several press releases, masquerading as news stories, by a newly incorporated British company called Matrix International (Management) Ltd., whose commercial address is

Richard Downes sentenced to 33 months in prison

Richard F. Downes, a former director of Dominica licensed Overseas Development Bank & Trust, has been sentenced to 33 months in prison for conspiracy to commit money laundering. Downes has also been ordered to pay restitution of $48,339 and he

United Kingdom: Neil Edward Walker et al

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Neil Edward Walker, James George Thomas Brooman, Ian David Cale, Irnraan Abid Karim, Barrie John Connor, Timothy Theobald, David Hodgson, Simon Morley, Craig Mark Ireland and Iftekhar Ahmed for alleged tax fraud.

Former BTCB boss gets 30 months in prison, another banker admits laundering

Rodolfo Requena, the former Chairman/President of now-defunct British Trade and Commerce Bank, of Dominica, has been sentenced to 30 months in prison for money laundering.Requena, 51, was sentenced on July 17, 2002 at the United States District Court for the Southern District of Florida, in Miami. He also received two years of supervised release. 

State of Montana consultant found guilty of money laundering

A banking consultant whose firm is under contract with the Montana Department of Commerce to vet applicants for its Foreign Capital Depository Program has been convicted of money laundering. William Joseph Abraczinskas, 38, was found guilty of one count of money laundering and one count of conspiracy to commit money laundering at the U. S. District Court for the Southern District of Florida, in Miami, on February 13.

Overseas Development Bank & Trust facing liquidation

An application may be made to wind up Dominica based Overseas Development Bank & Trust in the first week of December if it does not honor a demand for payment from a creditor, we have been told.Attorney Michael Bruney told

Application to liquidate American International Bank

Regulators have applied to the High Court of Antigua to remove Edward St. Clair Smith as Receiver of American International Bank and change the bank's status from receivership to liquidation. St. Clair-Smith is opposing the action on the grounds that the bank can still be sold as a going concern and that there is a reputable Caribbean company interested in buying it, said a source.

Insider Talking: September 30, 1999

Dominica-registered Overseas Development Bank & Trust has yet to satisfy three judgments totalling US$1.24 million that were entered against it in favor of creditors on January 29, 1999, sham New Utopia jurisdiction claims it is launching "the New Utopia Investment Fund of the Cayman Islands", Ralph Sherman's involvement in the First International Bank of Grenada, comparisons between Van Brink's First International Bank of Grenada and Michael Randy's Canadian Trade Bank, alleged investment fraudster Brent Wagman surfaces in Panama, '60 Minutes' television show goes soft on Alexandre Konanykhine.