Steven Moreland

A former janitor whose groups persuaded Bermudians to cash in their pension plans and invest in fraudulent 'get-rich-quick' schemes has received a 30-year prison sentence in the United States.John Wayne Zidar, 60, of Gardnerville, Nevada, orchestrated a Ponzi scheme that took in approximately $74 million from about 3,200 people in the United States, Bermuda and other countries.

European Federal Union Bank Ltd. falsely claims to be based in Antigua; Barbados Central Bank revokes license of Keywest Swiss Investment Bank Inc.; DIAK Bank's Clifford Pitt fails in an attempt to quash a subpoena duces tecum; John Wayne Zidar is gound guilty of fraud and money laundering; US federal court approves IRS motion to serve John Doe summons on MasterCard International for investigation into tax evasion using offshore credit cards; Offshore bankers Julien Giraud and Brian Boeger have each been sentenced to 37 months in prison in the United States; and an auction of property belonging to Imperial Consolidated is due to take place in England.