A raid on an alleged boiler room in Vancouver is further evidence that the Bank of Bermuda may have been conned out of $14.3 million when it invested in First Ecom.com Inc.
The farce that is Brek Energy continued in August with the reporting of yet another quarterly loss and a restatement of previous earnings because the firm had classified some expense as revenue.Brek, into which the Bank of Bermuda and clients of Bermuda-based Lines Overseas Management invested in excess of $28 million, reported a net loss of $3.4 million for the quarter ended June 30, 2002.