Teddy Wayne Solomon

A client of the First International Bank of Grenada, Teddy Wayne Solomon, has been sentenced to 293 months in prison after a jury in Texas found him guilty on multiple charges of fraud and swindling. Solomon was also fined $150,000 and ordered to pay restitution of $2.4 million when he was sentenced on October 20, 2000 at the US District Court for the Northern District of Texas.

Offshore Alert can today expose a massive fraud involving at least three banks, an insurance company and a stock exchange into which investors are believed to have invested tens of millions of dollars. Participants in the scam include the World Investors Stock Exchange in Grenada, the International Deposit Insurance Corporation in Nevis, the First International Bank of Grenada, the International Exchange Bank, which is registered in either Nauru or Grenada but operated out of Bermuda and Texas; and Fidelity International Bank, which is registered in Nauru but operated from St. Vincent.