The final two defendants in the criminal prosecution of five former officers and directors of the First International Bank of Grenada have pleaded guilty in the United States, thereby averting a trial into one of the most notorious offshore banking frauds in recent years.Douglas Christie Ferguson, 74, pleaded guilty to one count of conspiracy to commit money laundering and 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 19 and March 27, 2006, respectively. Ferguson's plea agreement carries a recommendation that he serve 52 months in prison, while Barnabe's recommended prison-term is six years.
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".
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.
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.
The massive financial scam being committed in Grenada by Canadian and American crooks has reached new levels of farce after the island's government announced that it had investigated - and cleared - the First International Bank of Grenada of any wrongdoing. Grenadian Prime Minister Keith Mitchell gave the bank a clean bill of health at a press conference held on July 23 and attended by local journalists.