Two defendants face lengthy prison sentences after admitting their involvement in an investment fraud perpetrated by the First International Bank of Grenada.Robert Skirving and Rita Regale each pleaded guilty to one count of conspiracy to commit money laundering regarding FIBG's fraudulent proceeds at the U. S. District Court for the District of Oregon on July 19, 2006.
Lines Overseas Management has filed a lawsuit against the Bermuda Monetary Authority in an attempt to prevent the SEC in the United States from receiving information about LOM's clients; Two alleged participants in a massive investment fraud involving Evergreen Security, which was registered in the British Virgin Islands and managed in Florida, are to be re-tried after their trial for grand larceny in the first degree ended in a hung jury; How much does failed offshore hedge fund boss and accused $600 million fraudster Michael Lauer hate Christopher Byron, the New York Post columnist who exposed his activities at the Lancer Offshore Group?; Imperial Consolidated administrator Mazars Neville Russell has reported receipts of $6.48 million and payments of $4.57 million in the five months from June 10, 2003 to December 9, 2003 for the group's principal UK company, Imperial Consolidated Financiers Ltd.; On January 19, 2004 at the British Virgin Islands High Court, Allen Wheatley, former Financial Secretary of the BVI Government, and three accomplices pleaded guilty to corruption-related charges concerning the misappropriation of funds for telecommunications projects at the Terrance B. Lettsome International Airport; Canadian television firm CBC broadcast a fascinating documentary on convicted money launderer Martin Chambers on January 13, 2004, including hidden camera footage of the undercover sting operation that led to his arrest in the 'Bermuda Short' operation conducted by the FBI and RCMP a few years ago; A liquidator of First Cayman Bank, of the Cayman Islands, announced in December 2003 that he had paid out a third interim dividend of 15 cents in the dollar on November 21, 2003 to all admitted creditors in a distribution of approximately US$4.4 million; Eduardo Masferrer, former Chairman and CEO of the now-closed Hamilton Bank N.A., of Miami, Florida, has agreed to pay $960,000 in restitution for the benefit of the Federal Deposit Insurance Corporation and $40,000 in penalties and stay out of banking for an indefinite period; Grenada-domiciled IBC Joie de Vie Ventures Inc. closed for business after taking in millions of dollars from the public by offering returns of up to 100 per cent per year; U.K. attorney Christopher Stenning's Regalia Offshore Fund Ltd., which has an affiliate in the British Virgin Islands called The Regalia Fund Ltd., did not last long; A Canadian regulatory agency has issued a warning against a sham bank doing business as "Bermuda Credit Re-Insurance Bank Ltd."; The California Division of Corporations might want to look a little more closely at Gamboa Properties Inc. before renewing its status as an 'Active' company in the state; and Two Cayman Islands law firms announced they were merging with firms in other jurisdictions during January.
Three ex-offshore bankers who were criminally indicted in 'Operation Bermuda Short' in 2002 have each pleaded guilty to one count of conspiracy to commit wire fraud.They are Sheldon Mickelson, 44, a former plumber of West Palm Beach, Florida; Mario Turcotte, 49, of Canada; and Richard Carson, of Westmount, Quebec, Canada, who helped to operate Meridian Investment Bank Ltd., a now-defunct bank once licensed in the crime-ridden Caribbean island of Grenada.
Meridian Investment Bank, whose principals include a plumber and an officer with the Canadian Space Agency, has become the latest bank in Grenada to have its license revoked amid allegations of fraud.MIB's banking license was revoked effective September 4, 2001
In an attempt to more accurately gauge the expectations of investors when they go offshore, we decided not to close last month's Internet poll on offshore investing but to keep it going indefinitely; Approximately 1,911 investors have filed claims totaling US$189.3 million, according to the latest report by the Receiver of the Cash 4 Titles alleged Ponzi scheme, which operated largely out of the United States, the Cayman Islands and the Bahamas; Controversial businessman Yank Barry, who hails from Montreal in Canada, has been given his passport back by Judge Lynn Hughes sitting at the U. S. District Court for the Southern District of Texas, where Barry is awaiting trial on eight counts of bribery, fraud and money laundering; The Panama Supreme Court has still not ruled on a dispute between The Harris Organization and La Comisión Nacional de Valores (National Securities Commission), which ordered the suspension of the financial services group's operations for operating without a license; The State of Washington Department of Financial Institutions Securities Division has issued a Cease and Desist Order against Grenada-registered Joie De Vie Ventures Inc., which Offshore Alert exposed earlier this year, and Arthur Kilner, d.ba. Kilner Enterprises Ltd.; and We recently contacted Bill Wallace, of Pannell Kerr Forster, in Nassau, to ask how his accounting firm was able to perform a competent audit of several Bahamas and Grenada-registered mutual funds operated by the Imperial Consolidated Group when the BVI-registered companies upon which the funds' solvency entirely depends do not appear to be audited.
Offshore Alert has uncovered an offshore bank that is chartered in Grenada but is operating without a license in St. Vincent, where it is offering depositors annual interest of between 25 and 35 per cent. DIAK Bank is run by Clifford Pitt, a U. S. national who has no prior banking experience and who is described in promotional material as a 'minister of religion' and 'Professor of Theology'.
Parties involved with Grenada-registered Meridian Investment Bank are still denying that former plumber Sheldon Mickelson and Burdett Streeter are directors of the bank, despite evidence to the contrary.The denials on behalf of Mickelson are particularly bizarre since he has recently been handing out business cards in the US that read 'Meridian Investment Bank Ltd., Sheldon Mickelson, Director'.